The Bitcoin price failed to break through the $29,000 resistance line as prices fell. The decline continued unabated as the flagship cryptocurrency failed to find support at $28,000. The price has eventually consolidated at nearly $27,664 creating a new low and support zone.
Bitcoin slowly gained strength and was traded around the $28,000 resistance line.
It is trading below $28,200 and the immediate resistance is near the $28,050 level. The 23.6% fib retracement level of the $29,975 high and $27,664 low defines the next major resistance level.
Charts indicate that the first major resistance level is near $28,500. If the price cross this resistance level they may test the 50% fib retracement level of the $29,975 high and $27,664 low.
Source: newsbtc
In case the sentiment continues to be negative the first support zone for Bitcoin is at the $27,650 level. If there is a breakdown in this support the next zone is at $27,200. If the price falls further then there can be a nosedive to support levels either at $26,500 or worse at the $25,500 zone.
