Bitcoin price failed to clear the $28,800 resistance. BTC is correcting gains, but downsides might be limited below the $27,550 support zone.
- Bitcoin started a downside correction after it failed to clear the $28,800 resistance zone.
- The price is trading below $28,400 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance near $28,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it clears the $28,300 resistance level.
Bitcoin Price Corrects Gains
Bitcoin price attempted a key upside break above the $28,800 resistance zone. BTC struggled to gain strength above the $28,800 level and reacted to the downsides.
There was a drop below the $28,400 and $28,200 levels. The bears were able to push the price below the $28,000 support. It traded as low as $27,813 before the bulls appeared. Bitcoin price is now consolidating above the recent low and trading near $28,000.It is trading below $28,400 and the 100 hourly Simple moving average. Immediate resistance is near the $28,200 level. There is also a connecting bearish trend line forming with resistance near $28,250 on the hourly chart of the BTC/USD pair.
The next major resistance is near the $28,300 zone. It is near the 50% Fib retracement level of the downward move from the $28,792 swing high to the $27,812 low. The key hurdle is now forming near $28,400 or the 61.8% Fib retracement level of the downward move from the $28,792 swing high to the $27,812 low. A clear move above the $28,400 level might start a fresh increase toward the $28,800 resistance zone.
