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Bitcoin price is holding the key $26,550 support area. If there is a close below $26,550 and $26,400, BTC could start a larger decline.
- Bitcoin started another decline and traded below the $26,850 level.
- The price is trading below the $27,000 and 100 hourly simple moving averages.
- There is a major bearish trend line forming with resistance near $27,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to gain bearish momentum if there is a daily close below $26,550.
bitcoin price stays in a range
Bitcoin price started a fresh decline below the $27,000 level. BTC was trading below the $26,800 support area and lost most of its gains. However, the bulls were active near the $26,550 support.
A low formed near $26,536 and the price is now consolidating losses. It is showing clear bearish signs below the $27,000 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $27,120 on the hourly chart of the BTC/USD pair.
Bitcoin price is now facing resistance near the $26,720 level. It is close to the 23.6% Fib retracement level of the recent decline from the $27,268 high to $26,536 low.
The next major resistance is near the $27,000 level and the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the recent decline from the $27,268 high to $26,536 low. The first major resistance is near the trend line.
Source: BTCUSD on TradingView.com
A close above the $27,120 resistance is likely to reduce the selling pressure. The next major resistance is near the $27,550 level, above which the price could start a decent move towards the $28,000 resistance. Any further gains could send the price towards the $28,500 level.
More Losses in BTC?
If bitcoin price fails to overcome the $27,120 resistance, it could continue to move lower. On the downside, an immediate support is near the $26,550 level.
The next major support is near the $26,350 area, below which the price is likely to witness a bearish momentum. In the mentioned case, it could test the $25,800 level. Any further losses could take bitcoin towards the $25,500 level in the near term.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Key Support Levels – $26,550, followed by $26,350.
Key Resistance Levels – $27,000, $27,120, and $27,500.
