Bitcoin worth is holding the important thing $26,550 help zone. BTC might begin a significant decline if there’s a shut beneath $26,550 and $26,400.
- Bitcoin began one other decline and traded beneath the $26,850 stage.
- The worth is buying and selling beneath $27,000 and the 100 hourly Simple shifting common.
- There is a significant bearish development line forming with resistance close to $27,120 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might acquire bearish momentum if there’s a every day shut beneath $26,550.
Bitcoin Price Remains In A Range
Bitcoin worth began a fresh decline beneath the $27,000 stage. BTC traded beneath the $26,800 help zone and trimmed most of its beneficial properties. However, the bulls have been lively close to the $26,550 help.
A low is fashioned close to $26,536 and the worth is now consolidating losses. It is clearly exhibiting bearish indicators beneath $27,000 and the 100 hourly Simple shifting common. There can be a significant bearish development line forming with resistance close to $27,120 on the hourly chart of the BTC/USD pair.
Bitcoin worth is now going through resistance close to the $26,720 stage. It is near the 23.6% Fib retracement stage of the current decline from the $27,268 swing excessive to the $26,536 low.
The subsequent main resistance is close to the $27,000 stage and the 100 hourly Simple moving average. It is near the 61.8% Fib retracement stage of the current decline from the $27,268 swing excessive to the $26,536 low. The first main resistance is close to the development line.
Source: BTCUSD on TradingView.com
A detailed above the $27,120 resistance would possibly cut back promoting strain. The subsequent key resistance is close to $27,550, above which the worth would possibly begin a good improve towards the $28,000 resistance. Any extra beneficial properties would possibly ship the worth towards the $28,500 stage.
More Losses in BTC?
If Bitcoin’s worth fails to clear the $27,120 resistance, it might proceed to maneuver down. Immediate help on the draw back is close to the $26,550 stage.
The subsequent main help is close to the $26,350 zone, beneath which the worth would possibly acquire bearish momentum. In the said case, it might take a look at the $25,800 stage. Any extra losses would possibly take Bitcoin towards the $25,500 stage within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $26,550, adopted by $26,350.
Major Resistance Levels – $27,000, $27,120, and $27,500.
