Bitcoin worth is once more shifting decrease beneath the $26,500 help. BTC stays susceptible to extra losses beneath the $26,000 help within the close to time period.
- Bitcoin began a contemporary decline after it did not clear the $27,500 resistance.
- The worth is buying and selling beneath $26,500 and the 100 hourly Simple shifting common.
- There is a significant bearish pattern line forming with resistance close to $26,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair is now susceptible to extra downsides beneath the $26,000 stage.
Bitcoin Price Drops Again
Bitcoin worth did not clear the $27,500 resistance and began a contemporary decline. BTC traded beneath the $27,000 and $26,500 help ranges to enter a bearish zone.
There was additionally a transfer beneath the $26,200 help stage. The worth examined the $26,000 zone. A low was shaped close to $26,026 and the value is now consolidating losses. It is buying and selling simply above the 23.6% Fib retracement stage of the latest decline from the $26,711 swing excessive to the $26,026 low.
Bitcoin is now buying and selling beneath $26,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is close to the $26,350 stage. The first main resistance is close to the $26,500 zone, a connecting bearish pattern line, and the 61.8% Fib retracement stage of the latest decline from the $26,711 swing excessive to the $26,026 low.
Source: BTCUSD on TradingView.com
The subsequent key resistance may very well be close to the $26,700 stage, above which the value may acquire bullish momentum. In the acknowledged case, the value may even rise towards the $27,000 resistance. Any extra positive factors may name for a transfer towards the $27,500 stage.
More Losses In BTC?
If Bitcoin fails to begin a contemporary enhance above the $26,500 resistance, it may proceed to maneuver down. Immediate help on the draw back is close to the $26,050 stage.
The subsequent main help is close to the $26,000 stage. A draw back break and shut beneath the $26,000 stage may ship the value additional decrease towards the subsequent help at $25,400 within the coming classes. Any extra losses may name for a check of $25,000.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.
Major Support Levels – $26,000, adopted by $25,400.
Major Resistance Levels – $26,350, $26,500, and $26,700.
