NewsBTC 2023-05-09 02:37:08

Bitcoin Bears Gains Strength – Is This Renewed Downtrend or Just Correction

Bitcoin price is moving lower below $28,000. BTC is approaching the $27,000 support, below which there is a risk of an extended decline to $25,500. Bitcoin is moving lower and trading below the $28,200 pivot level. The price is trading below $28,000 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance near $28,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if there is a move below the $27,000 support. Bitcoin Price Turns Red Bitcoin price started a steady decline after it broke the $28,800 support zone. BTC gained bearish momentum below the $28,200 and $28,000 levels. The bears seem to be gaining strength and they were able to push the price toward the $27,200 support. A low is formed near $27,282 and the price is now consolidating losses. It is trading below $28,000 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance near $28,150 on the hourly chart of the BTC/USD pair. Bitcoin is now facing resistance near the $27,750 level. It is close to the 23.6% Fib retracement level of the downward move from the $29,128 swing high to the $27,282 low. The next major resistance is near the trend line zone or the 50% Fib retracement level of the downward move from the $29,128 swing high to the $27,282 low. A close above the trend line resistance might send the price toward the $28,800 resistance. Source: BTCUSD on TradingView.com The next key resistance is near $29,120, above which the price might rise toward the $29,500 resistance zone. Any more gains could open the doors for a decent increase toward the $29,750 resistance. More Losses in BTC? If Bitcoin’s price fails to clear the $28,150 resistance, it could continue to move down. Immediate support on the downside is near the $27,250 level and the recent low. The next major support is near the $27,000 zone, below which the price might drop toward the $26,000 support zone. Any more losses might take Bitcoin toward the $25,500 level in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $27,250, followed by $27,000. Major Resistance Levels – $28,000, $28,150, and $28,800.

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