Bitcoin Price Analysis: BTC At Risk If This Support Fails To Hold
Bitcoin price started a fresh decline from the $28,500 zone against the US Dollar.
The price is now trading below $27,700 and the 55 simple moving average (4 hours).
There was a break below a key contracting triangle with support near $27,750 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 $26,500 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 $26,500 zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline from the $28,500 resistance zone. A high was formed near $28,614 before the price started a downside correction. There was a clear move below the $28,000 and $27,800 levels.
Besides, there was a break below a key contracting triangle with support near $27,750 on the 4-hour chart of the BTC/USD pair. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $25,982 swing low to the $28,614 high.
It is now trading below $27,700 and the 55 simple moving average (4 hours). However, the bulls are now active near the $27,000 support. They are protecting the 61.8% Fib retracement level of the upward move from the $25,982 swing low to the $28,614 high.
Immediate resistance on the upside is near the $27,300 level. The next major resistance might be near the $27,800 zone and the 55 simple moving average (4 hours).
A clear move above the $27,800 level might send the price toward $28,500, above which the price might rise toward the $29,500 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 $27,000 level.
The first major support is $26,600. The next key support is near the $26,500 level, 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 $25,500 level.
Looking at the chart, Bitcoin price is clearly trading below $27,500 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $26,500 support zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $27,000 and $26,500.
Key Resistance Levels – $27,300, $27,800, and $28,500.
The post Bitcoin Price Analysis: BTC At Risk If This Support Fails To Hold appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ October 11, 2023 4:18 am