Bitcoin price drops below the USD 26,500 support again. BTC remains at risk of more losses below the $26,000 support in the near term.
- Bitcoin started a fresh decline after failing to clear the USD 27,500 resistance.
- The price is trading below $26,500 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance around $26,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of more downside losses below the $26,000 level.
Bitcoin price drops again
Bitcoin price failed to overcome the USD 27,500 resistance and started a new decline. BTC traded below the USD 27,000 and USD 26,500 support levels and entered a bearish zone.
There was also a move below the $26,200 support level. The price tested the $26,000 zone. A low was formed near USD 26,026 and the price is now consolidating losses. It is trading just above the 23.6% Fib retracement level of the recent decline from the $26,711 swing high to the $26,026 low.
Bitcoin is now trading below $26,500 and the 100 hourly Simple Moving Average. The immediate resistance on the upside is near the $26,350 level. The first major resistance is near the $26,500 zone, a connecting bearish trendline, and the 61.8% Fib retracement level of the recent decline from the $26,711 swing high to the $26,026 low.
Source: BTCUSD on TradingView.com
The next major resistance could be near the $26,700 level, above which the price could gain bullish momentum. In the mentioned case, the price could even rise towards the USD 27,000 resistance. Further gains could require a move towards the $27,500 level.
Lose more in BTC?
If Bitcoin fails to start a new rise above the USD 26,500 resistance, it could continue falling. The immediate downside support is near the USD 26,050 level.
The next major support is near the USD 26,000 level. A downside break and a close below the USD 26,000 level could push the price further towards the next support at USD 25,400 in the coming sessions. Further losses could require a $25,000 test.
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.
Major support levels – USD 26,000, followed by USD 25,400.
Major resistance levels – $26,350, $26,500 and $26,700.
