Bitcoin's price could see a decline before rising again to $29k.

Bitcoin price continues downward correction. Bitcoin price started a downward correction from the resistance zone at $30,000. BTC made every effort to stay in the positive zone, but stopped below the support level of $28,500. Recently, the bears pushed the price below the $28,200 mark.
Ethereum also started a new decline and stopped below the $1,600 support level. ETH traded below the support levels of $1,565 and $1,550 

In addition, on the hourly chart of the BTC/USD pair, there was a break below the key bullish trend line with support around $28,400. A low was formed near the $28,150 mark and the price is now stabilizing. Bitcoin is now trading above the $27,750 mark and the 100-hour simple moving average.

On the other hand, the nearest resistance is near the $28,550 mark. It is close to the Fibonacci retracement level of 50% of the recent decline from the high of $28,980 to the low of $28,150.The next key resistance could be near $28,800 or the 76.4% Fibonacci retracement level of the recent decline from the high of $28,980 to the low of $28,150.

If Bitcoin fails to rise above the resistance zone of $28,550, it may continue to decline. The nearest support for a decline is near the $28,150 mark. The next significant support is near the $28,000 mark and the 100-hour simple moving average. A break to the downside and a close below the $28,000 support could lead to further losses in the near term. The next support is at $27,660, below which a test of the $28,120 mark can be expected.