Bitcoin Price Nosedives and Turns Attractive To Sellers On Recovery

2023-08-18 03:36:00

Bitcoin price tumbled below the $28,400 support. BTC tested $24,800 and is currently attempting a recovery wave toward $27,000.

Bitcoin is down over 6% and trading below the $27,000 support zone.
The price is trading below $26,800 and the 100 hourly Simple moving average.
There are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down and trade below the $25,800 support.

Bitcoin Price Breaks Support

Bitcoin price started a fresh decline after it failed to stay above the $28,400 support zone. BTC declined heavily after it broke the $28,000 support zone.

It is down over 6% and there was a spike below the $25,500 support zone. A low is formed near $24,800 and the price is now attempting a recovery wave. It recovered above the $25,000 and $26,000 levels. However, the bears are now protecting the 50% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low.

Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average. There are two bearish trend lines forming with resistance near $27,500 and $28,500 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $27,000 level. The next major resistance is near $27,500 and the trend line. It is close to the 61.8% Fib retracement level of the downward move from the $29,182 swing high to the $24,800 low. The main resistance is now forming near the $28,500 zone and the 100 hourly Simple moving average.

Source: BTCUSD on TradingView.com

A close above the $28,500 resistance could start a decent increase toward the $29,200 resistance zone. Any more gains might set the pace for a larger increase toward $30,000.

Another Decline In BTC?

If Bitcoin fails to clear the $27,500 resistance, it could continue to move down. Immediate support on the downside is near the $25,800 zone.

The next major support is near the $25,500 level. A downside break below the $25,500 level might push the price further into a bearish zone. In the stated case, the price could drop toward $24,800.

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 40 level.

Major Support Levels – $25,800, followed by $25,500.

Major Resistance Levels – $27,000, $27,500, and $28,500.

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.