After losing several levels in the past week, Bitcoin found temporal support and traded calmy around the $27k level since the start of the week. More reds could be painted.

Just after BTC failed to recover above the $28k level yesterday, the price retraced and started to form another swing low on the lower time frame. It tested the $27.7k with a lower high move a few hours ago. 

Meanwhile, it has witnessed a series of drops from $31k to $26.9k in the space of a week. And from the look of things, the negative sentiments might get worse in the coming days. It is currently gathering volatility. 

However, buyers are still in disbelief right now as they remained trapped at the top. They have suffered a heavy blow in the past week and could still suffer more in the next few days. 

The ongoing contractions have left the market indecisive. Although several stop losses have been taken out on futures as spot traders exited small of their positions to look for a discounted lower entry level. 

It is important to take note of the broadening wedge formed on the daily chart. This wedge pattern suggests that more dips could be underway following the recent test and rejection at the upper boundary. BTC targets the wedge’s lower boundary from a short-term perspective. 

Bitcoin is taking a break as the bloodbath is not over yet.

Support for Bitcoin is currently held at the current weekly low of $27k, printed yesterday. If the level collapses, the next levels to keep in mind are $26.6k and $25.2k. 

Bitcoin increased above $28k. In case of more recovery, the important resistance levels to watch out for are marked at $28.8k and $29.2k. The major recovery should bring the price to $30K and $30.7k.

Key Resistance Levels: $28,867, $30,000, $30,700

Key Support Levels: $27,000, $26,600, $25,200

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: actiongp/123RF // Image Effects by Colorcinch

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