Bitcoin price is struggling to recover above the $26,650 resistance. BTC could start a fresh decline if it stays below the $26,650 resistance zone.
- Bitcoin is consolidating below the USD 26,600 and USD 26,650 resistance levels.
- The price is trading below $26,650 and the 100 Simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 26,640 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover if there is a clear move above the USD 26,650 resistance.
Bitcoin price faces hurdle
Bitcoin price remained in a bearish zone below the USD 27,500 resistance zone. BTC extended its decline and traded below the USD 26,000 level. A low was formed near USD 25,865 before the price started an upward correction.
There was a move above the $26,200 level. The price is trading above the 23.6% Fib retracement level of the downward move from the $27,512 swing high to the $25,865 low. However, the price faces many hurdles near $26,650.
Bitcoin price is now consolidating below the $26,600 and $26,650 resistance levels. A major bearish trendline is also forming with resistance near USD 26,640 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $26,550 level. The next major resistance is near the $26,650 level or the 50% Fib retracement level of the downward move from the $27,512 swing high to the $25,865 low. A close above the $26,650 resistance zone could send the price towards the $27,200 resistance zone.
Source: BTCUSD at TradingView.com
The next key resistance is near $27,550, above which the price might rise towards the $28,000 resistance. More gains could send the price towards the $28,200 resistance level.
New Decline in BTC?
If Bitcoin’s price fails to clear the $26,650 resistance, it could start a fresh decline. Immediate support on the downside is near the $26,200 level.
The next major support is near the USD 26,000 zone, below which the price could revisit its last swing low at USD 25,865. More losses could push Bitcoin to the $25,000 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 40 level.
Major Support Levels – $26,200 followed by $26,000.
Major resistance levels – $26,550, $26,650 and $27,200.
