Tanya Abrosimova
Independent Analyst
- Bitcoin breaks above $28,000 hit another all-time high at $28,250
- The correction may be gaining traction as several indicators produced bearish signals.
Bitcoin hit a new all-time high at $28,250 and retreated to $27,500 by the time of writing. The pioneer digital asset has retreated below the psychological $28,000 amid massive profit-taking by retail traders.
The technical picture implies that the coin is vulnerable to further sell-off, as an evening star candlestick pattern transpired on a 12-hour chart. This candlestick pattern consists of a large white candlestick, a Doji candle, and a red candle. Thus, the signal will be confirmed if the current 12-hour candlestick closes in a red zone.
BTC, 12-hour chart
Moreover, the TD Sequential indicator presented a sell signal in the form of a green nine candlestick on the 12-hour chart. This formation, coupled with the RSI reversal from overbought territory, gives credence to the short-term bearish forecast.
The first correction target is seen $27,000. Once it is broken, the sell-off continues towards $25,500. The critical support is created y a combination of a former resistance and the 4-hour SMA50 on approach to $24,000.
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