Bitcoin worth is consolidating above the $26,550 degree. BTC might right greater, however upsides may be capped close to the $27,400 and $27,500 resistance ranges.
- Bitcoin is discovering bids close to the $26,550 degree.
- The worth is buying and selling beneath $27,200 and the 100 hourly Simple transferring common.
- There is a key bearish development line forming with resistance close to $26,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might right greater, however the bears may stay lively close to the $27,500 zone.
Bitcoin Price Holds Support
Bitcoin worth began a fresh decline from the $27,500 resistance. BTC traded beneath the $27,000 degree to enter a bearish zone. Finally, the bulls appeared above the $26,500 help.
The worth remained well-bid close to the $26,550 degree. The bears made two makes an attempt to push the worth beneath $26,550, however they failed. A low is fashioned close to $26,551 and the worth is now consolidating losses beneath the 23.6% Fib retracement degree of the downward transfer from the $28,285 swing excessive to the $26,551 low.
Bitcoin is now buying and selling beneath $27,200 and the 100 hourly Simple moving average. There can also be a key bearish development line forming with resistance close to $26,200 on the hourly chart of the BTC/USD pair.
Immediate resistance is close to the $26,950 degree. The first main resistance is $27,200 and the 100 hourly Simple transferring common. The subsequent key resistance might be $27,400 and the development line. It is near the 50% Fib retracement degree of the downward transfer from the $28,285 swing excessive to the $26,551 low.
Source: BTCUSD on TradingView.com
An in depth above the $27,500 resistance may begin a gradual enhance towards the $28,000 degree. The important hurdle continues to be $28,500, above which the worth might begin one other enhance. In the said case, the worth might rise towards the $30,000 resistance.
More Losses In BTC?
If Bitcoin fails to get better greater above the $27,200 resistance, there might be extra losses. Immediate help on the draw back is close to the $26,550 degree.
The subsequent main help is close to the $26,500 degree. A draw back break and shut beneath the $26,500 help may ship the worth additional decrease. The subsequent help sits at $26,000.
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 now above the 50 degree.
Major Support Levels – $26,550, adopted by $26,500.
Major Resistance Levels – $27,200, $27,400, and $27,500.
