Bitcoin Price Plunges Again And Now Vulnerable To More Losses

2023-08-17 03:47:13

Bitcoin price gained bearish momentum below the $29,000 support. BTC tested $28,400 and now at risk of more losses below $28,200.

Bitcoin is trading with a bearish angle below the $29,250 resistance zone.
The price is trading below $29,000 and the 100 hourly Simple moving average.
There is a major bearish trend line forming with resistance near $28,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down and trade below the $28,200 support.

Bitcoin Price Takes Hit

Bitcoin price remained in a bearish zone below the $29,250 resistance zone. BTC started another decline and traded below the key $29,000 support zone.

It opened the doors for a sharp decline and the price dropped below $28,500. A low is formed near $28,350 and the price is now consolidating losses. It is trading near 23.6% Fib retracement level of the recent drop from the $29,182 swing high to the $28,350 low.

Bitcoin is now trading below $29,000 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance near $28,850 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $28,750 level. The next major resistance is near $28,850 and the trend line. It is close to the 61.8% Fib retracement level of the recent drop from the $29,182 swing high to the $28,350 low. The main resistance is now forming near the $29,000 zone and the 100 hourly Simple moving average.

Source: BTCUSD on TradingView.com

A close above the $29,000 resistance could start a decent increase toward the $29,500 resistance zone. Any more gains might set the pace for a larger increase toward $30,000.

More Losses In BTC?

If Bitcoin fails to clear the $28,850 resistance, it could continue to move down. Immediate support on the downside is near the $28,400 zone.

The next major support is near the $28,200 level. A downside break below the $28,200 level might push the price further into a bearish zone. In the stated case, the price could drop toward $27,500.

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 – $28,400, followed by $28,200.

Major Resistance Levels – $28,750, $28,850, and $29,000.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.