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Bitcoin price is struggling to climb above the $26,650 resistance. BTC could start another decline if it stays below the $26,650 resistance area.
- Bitcoin is consolidating below the $26,600 and $26,650 resistance levels.
- The price is trading below the $26,650 and 100 hourly simple moving averages.
- There is a major bearish trend line forming with resistance near $26,640 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover if there is a clear move above the $26,650 resistance.
bitcoin price faces hurdles
Bitcoin price remained in a bearish zone below the $27,500 resistance area. BTC extended its decline and traded below the $26,000 level. A low was formed near $25,865 before the price started an upside correction.
There was a move above the $26,200 level. The price is trading above the 23.6% Fib retracement level of the $27,512 high and $25,865 swing low. However, the price is facing a lot of hurdles near the $26,650 level.
Bitcoin price is now consolidating below the $26,600 and $26,650 resistance levels. There is also a major bearish trend line forming with resistance near $26,640 on the hourly chart of the BTC/USD pair.
An immediate resistance on the upside is near the $26,550 level. The next major resistance is near the $26,650 level or the 50% Fib retracement level of the decline from the $27,512 high to $25,865 low. A close above the $26,650 resistance area could send the price towards the $27,200 resistance area.
Source: BTCUSD on TradingView.com
The next major resistance is near the $27,550 level, above which the price could move higher towards the $28,000 resistance. Any further gains could send the price towards the $28,200 resistance.
Fresh decline in BTC?
If bitcoin price fails to overcome the $26,650 resistance, it could start another decline. On the downside, an immediate support is near the $26,200 level.
The next major support is near the $26,000 area, below which the price could slide back to the previous low of $25,865. Any further losses could take bitcoin towards the $25,000 level in the near term.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 40 level.
Key Support Levels – $26,200, followed by $26,000.
Key Resistance Levels – $26,550, $26,650 and $27,200.
