BTC/USD technical analysis June 28

28.06.2019 07:42:54

After testing the area above $13 000, the BTC/USD pair began to decline sharply, breaking down several important levels: $12 000 and $11 500. At the time of publication, the pair is trading at around $11 220.

On the hourly chart, the BTC/USD pair began to form a bearish trend line, which receives resistance in the area of $11 000. The next level of resistance for bears is $10 450, below which it should not fall to start a new increase.

btcusd-28-June.jpg

Yesterday, the pair fell by almost 20% and entered the bearish zone, dropping below $12 500. On the hourly chart, the formed candle even closed below $11 000, but the pair still managed to climb higher.

Now, for the start of new growth, the BTC/USD pair should break through the $11 500 mark. The chart shows that it will be closing above 100 MA, after which the pair will be able to get closer to $12 000 and $12 500.

Conversely, if the BTC/USD pair consolidates below $11 500, it may continue to decline. In this case, the nearest support level for the pair will be an area of $10 450. Next $10 200, $10 000. If there is a breakdown of the level of $10 000, the price may accelerate the decline in the near term.

Now on the chart, the Bitcoin price is clearly below $11 500 and $12 000. However, the support level of $10 000 is not affected. As long as the pair is trading above this level, it can take time to consolidate and then start new growth.