TA: Bitcoin Price Resumes Decline, Why BTC Remains At Risk

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	10,637,083,414	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

10,637,083,414

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.000129	-0.11%	0.120947	0.12086	0.120899

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.000129

-0.11%

0.120947

0.12086

0.120899

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.12137	0.120814	0.121076	0.121076	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.12137

0.120814

0.121076

- - -

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	04:30:56	2,385.00	0.120947	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

04:30:56

2,385.00

0.120947

USD

Price x Volume	Volume	Base Symbol	Related Pairs
12,642.49	104,381.36	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

12,642.49

104,381.36

TA: Bitcoin Price Resumes Decline, Why BTC Remains At Risk

27/05/2022 4:08am

NEWSBTC

Bitcoin spiked below the key $28,500 support zone against the US Dollar. BTC is declining and might continue to move down towards the $27,500 support. Bitcoin is moving lower and facing a major resistance near the $29,600 zone. The price is now trading below the $29,000 level and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $29,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it settles below the $28,500 support. Bitcoin Price Faces Selling Pressure Bitcoin price remained below the key $30,000 resistance zone. BTC started a fresh decline and there was a sharp move below the $28,500 support zone. The bears pushed the price below the $28,000 level. The price even tested the $27,500 support and a low is formed near $27,505. However, there was a strong recovery and the price climbed above $28,500. The bulls pushed the price above $29,000, but they struggled near $29,600. There is also a major bearish trend line forming with resistance near $29,600 on the hourly chart of the BTC/USD pair. Bitcoin traded below the 23.6% Fib retracement level of the upward move from the $27,505 swing low to $29,749 high. It is now trading below the $29,000 level and the 100 hourly simple moving average. An immediate resistance on the upside is near the $29,250 level. The next major resistance is near the $29,600 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The main resistance sits near the $29,750. It is near the 50% Fib retracement level of the upward move from the $27,505 swing low to $29,749 high. A clear move above the $29,750 resistance level might start a strong increase. In the stated case, the price may perhaps rise towards the $30,600 resistance zone. More Losses in BTC? If bitcoin fails to clear the $29,600 resistance zone, it could continue to move down. An immediate support on the downside is near the $28,650 level. The first major support is near the $28,500 level. A downside break below the $28,500 support might send the price further lower. In the stated case, the price may perhaps revisit the $27,500 support zone. 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 – $28,500, followed by $27,500. Major Resistance Levels – $29,600, $29,750 and $30,600.

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