Bitcoin price is struggling below $27,500. BTC is now at risk of a downside break unless a close above the USD 27,500 resistance.
- Bitcoin started falling again and it traded below the USD 26,800 level.
- The price is trading below $27,200 and the 100 Simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 27,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another rally if it crosses the $27,320 and $27,500 resistance levels.
Bitcoin price encounters resistance
Bitcoin price started to drop again below the USD 27,200 level. BTC even traded below the $26,550 support zone to hit a new weekly low.
A low is formed near USD 26,345 and the price is now attempting a rise again. There was a move above the 23.6% Fib retracement level from the recent drop from the $27,492 swing high to the $26,345 low. It is now trading below $27,200 and the 100 Simple hourly moving average.
A major bearish trendline is also forming with resistance near USD 27,320 on the hourly chart of the BTC/USD pair. Bitcoin price is now struggling to clear the $27,000 resistance.
It faces barriers near the 50% Fib retracement level from its recent drop from the $27,492 swing high to the $26,345 low. The next major resistance is near the $27,320 level and the trendline. A close above the $27,320 resistance may ease selling pressure.
Source: BTCUSD at TradingView.com
The next key resistance is near $27,550, above which the price could gain bullish momentum and test the $28,000 resistance. More profits could send the price towards the $28,500 level.
New Decline in BTC?
If the price of Bitcoin fails to clear the $27,320 resistance, it could start a fresh decline. 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 $26,000 level. More losses could push Bitcoin to the $25,500 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 50 level.
Key Support Levels – $26,550 followed by $26,350.
Major resistance levels – $27,000, $27,320 and $27,500.
