/cdn.vox-cdn.com/uploads/chorus_asset/file/23962442/acastro_STK067__03.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24247717/lp_logo_3.0.jpg){kind=logo}
/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Su)
[ad_1]
Bitcoin price started a decline below the $27,500 support. BTC is now showing several bearish signs below the $27,400 pivot level.
- Bitcoin started a fresh decline and declined below the key $27,500 support area.
- The price is trading below the $27,550 and 100 hourly simple moving averages.
- There is a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but limited its upside move above the $27,500 resistance.
bitcoin price falls again
Bitcoin price failed to start a fresh increase above the $28,000 resistance area. BTC started a fresh decline and traded below the key $27,500 support area.
There was a clear move below the $27,400 level and the 100 hourly simple moving average. The price even declined below the $27,000 level and traded near the $26,500 support. A low formed near $26,571 and the price is now consolidating losses.
Bitcoin price is trading below the $27,550 and 100 hourly simple moving averages. There is also a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair.
An immediate resistance on the upside is near the $26,920 level. It is close to the 50% Fib retracement level of the recent decline from the $27,287 high to $26,571 low. The next major resistance is near the $27,100 level.
The declared resistance is near the 76.4% Fib retracement level of the recent decline from the $27,287 high to $26,571 low. The main resistance is near the $27,500 level.
Source: BTCUSD on TradingView.com
A break and close above $27,500 could start a steady rise towards $28,000. If the bulls manage to clear the $28,000 resistance area, the price could send the price towards the $28,500 resistance area.
More Losses in BTC?
If bitcoin price fails to overcome the $27,100 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 $26,500 area, below which the price is likely to witness a bearish momentum. In the mentioned case, the price could decline towards the $26,000 support.
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 below the 50 level.
Key Support Levels – $26,550, followed by $26,500.
Key Resistance Levels – $27,100, $27,400 and $27,500.
