Downside Break in BTC?
If bitcoin price fails to clear the $28,500 resistance, it could start a downside correction. An immediate support on the downside is near the $27,700 zone and the trend line.
The next major support is near the trend line and $27,200 and the 100 hourly simple moving average. Any more losses might send the price towards the 50% Fib retracement level of the upward wave from the $23,912 swing low to $28,590 high at $26,250. The next major support is near the $25,700 level.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $27,700, followed by $27,200.
Major Resistance Levels – $28,200, $28,500 and $30,000.
