Bitcoin value is struggling to clear the $27,500 resistance zone. BTC is sliding and there might be a pointy decline towards $25,550 within the coming periods.
- Bitcoin remains to be struggling to remain above the $27,000 help zone.
- The value is buying and selling under $27,200 and the 100 hourly Simple shifting common.
- There was a break under a key bullish pattern line with help close to $27,100 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may revisit the $26,550 help and may proceed to say no.
Bitcoin Price Faces Resistance
Bitcoin value began a minor upside correction from the $26,550 help zone. BTC climbed above the $27,000 resistance zone and the 100 hourly Simple shifting common.
There was a transfer above the 23.6% Fib retracement stage of the important thing decline from the $28,450 swing excessive to the $26,571 low. However, the bears had been lively close to the $27,500 resistance zone. There was no convincing transfer above the $27,350 resistance zone.
Bitcoin value stayed under the 50% Fib retracement stage of the important thing decline from the $28,450 swing excessive to the $26,571 low. It is now buying and selling under $27,200 and the 100 hourly Simple moving average.
Immediate resistance on the upside is close to the $27,200 stage and the 100 hourly Simple shifting common. The subsequent main resistance is close to the $27,350 stage. The essential resistance sits close to the $27,500 stage.
Source: BTCUSD on TradingView.com
An upside break and shut above $27,500 may begin an honest enhance towards $28,000. Any extra beneficial properties above the $28,000 resistance zone may ship the worth towards the $28,500 resistance zone. If there’s a shut above the $28,500 resistance, there might be a transfer towards the $30,000 resistance zone within the close to time period.
More Losses in BTC?
If Bitcoin’s value fails to clear the $27,350 resistance, it may proceed to maneuver down. Immediate help on the draw back is close to the $26,800 stage.
The subsequent main help is close to the $26,550 zone, under which the worth may begin a robust decline. In the acknowledged case, the worth may drop towards the $25,500 help within the coming periods.
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 under the 50 stage.
Major Support Levels – $26,800, adopted by $26,550.
Major Resistance Levels – $27,200, $27,350, and $27,500.
