Bitcoin worth is consolidating above the $26,500 assist. BTC may decline closely if there’s a clear transfer beneath the $26,500 assist.
- Bitcoin continues to be struggling to remain above the $26,500 assist zone.
- The worth is buying and selling beneath $27,250 and the 100 hourly Simple transferring common.
- There is a key bearish development line forming with resistance close to $27,220 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may right larger, however upsides is likely to be contained above the $27,500 resistance.
Bitcoin Price Holds Support
Bitcoin worth remained in a bearish zone beneath the $27,500 resistance zone. BTC did not get better and began one other decline beneath $27,000.
There was a spike beneath the $26,550 assist zone however the bulls have been lively close to $26,500. A low is fashioned close to $26,500 and the worth is now consolidating losses. It is testing the 23.6% Fib retracement degree of the primary drop from the $28,450 swing excessive to the $26,500 low.
Bitcoin worth is now buying and selling beneath $27,250 and the 100 hourly Simple moving average. There can also be a key bearish development line forming with resistance close to $27,220 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is close to the $27,000 degree and the development line. The subsequent main resistance is close to the $27,500 degree and the 100 hourly Simple transferring common. It is near the 50% Fib retracement degree of the primary drop from the $28,450 swing excessive to the $26,500 low.
Source: BTCUSD on TradingView.com
An upside break and shut above $27,500 may begin a good enhance towards $28,000. Any extra positive aspects above the $28,000 resistance zone may ship the worth towards the $28,500 resistance zone and even $29,200.
More Losses in BTC?
If Bitcoin’s worth fails to clear the $27,200 resistance, it may proceed to maneuver down. Immediate assist on the draw back is close to the $26,560 degree.
The subsequent main assist is close to the $26,500 zone, beneath which the worth may begin a robust decline. In the acknowledged case, the worth may drop towards the $25,500 assist within the coming periods.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is beneath the 50 degree.
Major Support Levels – $26,550, adopted by $26,500.
Major Resistance Levels – $27,200, $27,400, and $27,500.
