Bitcoin (BTC) price has continued to move below the moving average lines.
Since the price collapse on May 12, the bitcoin price has been limited to a range between $26,000 and $28,000. Over the past three weeks, buyers have failed to keep the price above the moving average lines or the $28,000 ceiling. However, on May 28, the bitcoin price rose above the moving average lines, although resistance remained at the $28,000 high. Bitcoin's low today is $27,133 after retracing its losses. On the positive side, Bitcoin will return to the psychological price of $30,000 once the obstacles are overcome. On the negative side, Bitcoin price is currently in the middle of the range. Bitcoin will resume its downtrend if the $26,000 support is violated.
The Relative Strength Index of 47 for the 14 period indicates that Bitcoin has fallen into the downtrend zone. The largest cryptocurrency is likely to continue to decline. The price bars have been below the moving average lines in the meantime, which has contributed to the recent decline. The cryptocurrency value has a positive velocity, but it is in a downtrend zone.
Key resistance levels - $30,000 and $35,000
Key support levels - $20,000 and $15,000
The bitcoin price is currently in a downtrend zone. The BTC price was rejected on May 28 at a high of $28,000. The moving average lines are now above the BTC/USD price. Even the largest coin has a range within which it can move.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.