Bitcoin price is falling from the $27,500 resistance. BTC traded below USD 26,500 and it is now at risk of a decline towards the USD 25,500 support zone.
- Bitcoin moves lower from the $27,400 and $27,500 resistance levels.
- The price is trading below $26,500 and the 100 Simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 26,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover, but upsides could be limited above the USD 26,500 resistance.
Bitcoin price extends decline
Bitcoin price started falling again from the $27,500 resistance zone. BTC failed to stay in a positive zone above the USD 26,850 support zone and extended its decline.
The bears were able to push the price below the key $26,550 support zone. The price even peaked below the $26,000 level. A low is forming near USD 25,865 and the price is now consolidating losses. Bitcoin price is trading below $26,500 and the 100 Simple hourly moving average.
A major bearish trendline is also forming with resistance near USD 26,650 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,250 level or the 23.6% Fib retracement level of the recent drop from the $27,511 swing high to the $25,865 low.
The next major resistance is near the $26,400 level. The main resistance is now near $26,550 and the trendline. It is close to the 50% Fib retracement level of the recent drop from the $27,511 swing high to the $25,865 low. A close above the $26,550 resistance zone could send the price towards the $27,200 resistance zone.
Source: BTCUSD at TradingView.com
The next key resistance is near $27,500, above which the price could gain bullish momentum 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 $26,550 resistance, it could fall further. Immediate support on the downside is near the $25,850 level.
The next major support is near the $25,500 zone, below which the price could dive towards the $25,000 support. More losses could push Bitcoin to the $24,000 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 40 level.
Major Support Levels – $25,850 followed by $25,500.
Major resistance levels – $26,250, $26,550 and $26,650.
