Bitcoin worth is sliding and buying and selling under $27,000. BTC remains to be in danger of extra downsides under the $26,500 and $26,200 assist ranges.
- Bitcoin is shifting decrease and exhibiting bearish indicators under $27,000.
- The worth is buying and selling under $27,000 and the 100 hourly Simple shifting common.
- There are two bearish pattern traces forming with resistance close to $26,950 and $27,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may proceed to maneuver down towards the $26,000 assist within the close to time period.
Bitcoin Price Extends Losses
Bitcoin worth struggled to start out a restoration wave above the $27,500 resistance. BTC remained in a bearish zone and declined additional under the $27,000 stage.
There was a drop under the $26,800 stage and the worth examined the $26,500 assist. A low is fashioned close to $26,551 and the worth is once more making an attempt a restoration wave. There was a minor improve above the $26,800 stage. However, the worth remains to be going through many hurdles.
Bitcoin is now buying and selling under $27,000 and the 100 hourly Simple moving average. There are additionally two bearish pattern traces forming with resistance close to $26,950 and $27,400 on the hourly chart of the BTC/USD pair.
Immediate resistance is close to the $26,950 stage and the primary pattern line. It is near the 23.6% Fib retracement stage of the downward transfer from the $28,284 swing excessive to the $26,551 low. The subsequent key resistance could possibly be close to the $27,400 stage and second the pattern line.
The second pattern line is close to the 50% Fib retracement stage of the downward transfer from the $28,284 swing excessive to the $26,551 low. The first main resistance is $27,500 and the 100 hourly Simple shifting common, above which Bitcoin would possibly check $27,800.
Source: BTCUSD on TradingView.com
The most important hurdle remains to be $28,500. A detailed above the $28,500 resistance may begin one other improve. In the acknowledged case, the worth may rise towards the $30,000 resistance.
More Losses In BTC?
If Bitcoin fails to get better increased above the $27,000 resistance, there could possibly be extra losses. Immediate assist on the draw back is close to the $26,650 stage.
The subsequent main assist is close to the $26,500 stage. A draw back break and shut under the $26,500 assist would possibly ship the worth additional decrease. The subsequent assist 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 under the 50 stage.
Major Support Levels – $26,650, adopted by $26,500.
Major Resistance Levels – $27,000, $27,400, and $27,500.
