Bitcoin price started falling again below the USD 27,500 support. BTC is now showing a lot of bearish signals below the USD 27,400 pivot level.
- Bitcoin started another decline and tumbled below the key $27,500 support zone.
- The price is trading below $27,550 and the 100 Simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but gains may be limited above the USD 27,500 resistance.
Bitcoin price falls again
Bitcoin price failed to start another rise above the $28,000 resistance zone. BTC started another decline and traded below the key $27,500 support zone.
There was clear movement below the $27,400 level and the 100 simple hourly moving average. The price even dipped below the USD 27,000 level and it traded near the USD 26,500 support. A low is forming near USD 26,571 and the price is now consolidating losses.
The price of Bitcoin is trading below $27,550 and the 100 Simple hourly moving average. A major bearish trendline is also forming with resistance near USD 27,500 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $26,920 level. It is close to the 50% Fib retracement level of the recent drop from the $27,287 swing high to the $26,571 low. The next major resistance is near the $27,100 level.
The resistance listed is near the 76.4% Fib retracement level from the recent drop from the $27,287 swing high to the $26,571 low. The main resistance is near the $27,500 level.
Source: BTCUSD at TradingView.com
An upside break and close above $27,500 could start a steady rise towards $28,000. If the bulls manage to clear the $28,000 resistance zone, the price could be sent to the $28,500 resistance zone.
Lose more in BTC?
If the price of Bitcoin fails to clear the $27,100 resistance, it could fall further. Immediate support on the downside is near the $26,550 level.
The next key support is near the USD 26,500 zone, below which the price could gain bearish momentum. In the said case, the price could drop towards the $26,000 support.
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 below the 50 level.
Major Support Levels – $26,550 followed by $26,500.
Major resistance levels – $27,100, $27,400 and $27,500.
