Bitcoin price extended its decline below the $28,000 support. BTC tested $27,650 and is currently attempting a minor upside correction.
- Bitcoin is showing bearish signs below the $28,500 resistance zone.
- The price is trading below $28,200 and the 100 hourly Simple moving average.
- There is a major bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher but upsides might be limited above the $28,500 level.
Bitcoin Price Extends Decline
Bitcoin price failed to start a recovery wave above the $29,000 resistance zone. BTC extended its decline and traded below the $28,200 support zone.
The price even broke the $28,000 level and tested $27,650. A low is formed near $27,664 and the price is now consolidating losses. It is trading near the $28,000 resistance zone. There is also a major bearish trend line forming with resistance near $28,000 on the hourly chart of the BTC/USD pair.Besides, Bitcoin is trading below $28,200 and the 100 hourly Simple moving average. Immediate resistance is near the $28,050 level. The next major resistance sits near the $28,200 zone and the 23.6% Fib retracement level of the downward move from the $29,975 swing high to the $27,664 low.
The first major resistance is near $28,500, above which the price may perhaps test the 50% Fib retracement level of the downward move from the $29,975 swing high to the $27,664 low.