- Bitcoin price started a fresh decline from the $28,500 zone against the US Dollar.
- The price is now trading above $27,000 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $27,220 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it stays above the $26,600 support zone.
Bitcoin price is declining below $28,500 against the US Dollar. BTC might eye another increase if the bulls remain active above the $27,000 zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $28,500 resistance zone. A high was formed near $28,613 before the price started a downside correction. There was a clear move below the $28,250 and $28,000 levels.
There was a move below the $27,800 level. The pair spiked below the 50% Fib retracement level of the upward move from the $25,983 swing low to the $28,613 high. It is now trading above $27,000 and the 55 simple moving average (4 hours).
There is also a key bullish trend line forming with support near $27,220 on the 4-hour chart of the BTC/USD pair. Immediate resistance on the upside is near the $27,750 level.
The next major resistance might be near the $28,800 zone. A clear move above the $28,000 level might send the price toward $28,500, above which the price might rise toward the $29,400 level. Any more gains might push the price toward the $30,000 zone.
If there is no upside break, the price might continue to decline below the $27,300 level. The first major support is $27,000. The next key support is near the $26,600 level. It is near the 76.4% Fib retracement level of the upward move from the $25,983 swing low to the $28,613 high, below which the price might accelerate lower.
In the stated case, the price could decline toward the $26,000 level. Any more losses might send the price toward the $24,500 level.
Looking at the chart, Bitcoin price is clearly trading above $27,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $26,600 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $27,000 and $26,600.
Key Resistance Levels – $27,750, $28,000, and $28,500.
