Bitcoin price is holding the key support zone at $26,550. BTC could start a major decline if there is a close below USD 26,550 and USD 26,400.
- Bitcoin started falling again and it traded below the USD 26,850 level.
- The price is trading below $27,000 and the 100 Simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 27,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bearish momentum if there is a daily close below $26,550.
Bitcoin price remains within a range
Bitcoin price started to drop again below the USD 27,000 level. BTC traded below the $26,800 support zone and cut most of its gains. However, the bulls were active near the $26,550 support.
A low is forming near USD 26,536 and the price is now consolidating losses. It is clearly showing bearish signs below $27,000 and the 100 simple hourly moving average. A major bearish trendline is also forming with resistance near USD 27,120 on the hourly chart of the BTC/USD pair.
Bitcoin price is now facing resistance near the $26,720 level. It is close to the 23.6% Fib retracement level of the recent drop from the $27,268 swing high to the $26,536 low.
The next major resistance is near the $27,000 level and the 100 simple hourly moving average. It is close to the 61.8% Fib retracement level of the recent drop from the $27,268 swing high to the $26,536 low. The first major resistance is near the trendline.
Source: BTCUSD at TradingView.com
A close above the $27,120 resistance may ease selling pressure. The next key resistance is near $27,550, above which the price could start a decent rise towards the $28,000 resistance. More profits could send the price towards the $28,500 level.
Lose more in BTC?
If the price of Bitcoin fails to clear the $27,120 resistance, it could fall further. Immediate support on the downside is near the $26,550 level.
The next key support is near the $26,350 zone, below which the price could gain bearish momentum. In the said case, it could test the $25,800 level. More losses could push Bitcoin to the $25,500 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $26,550 followed by $26,350.
Major resistance levels – $27,000, $27,120 and $27,500.
