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Bitcoin price is down 5% and is trading below the $26,000 level. BTC is now at risk of a higher move towards the $25,000 support in the near term.
- Bitcoin started a sharp decline below the $27,000 level.
- The price is trading below the $26,500 and 100 hourly simple moving averages.
- There is a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but the upside may be limited above $26,200 and $26,400.
bitcoin price takes a hit
Bitcoin price failed to start a fresh increase above the $27,000 resistance. BTC started a fresh decline below the $26,500 support and the 100 hourly simple moving average.
The price declined 5% and declined below the $26,000 support. It also retested the $25,400 support area. It is now consolidating below $26,500 and the 100 hourly simple moving average. There is also a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair.
Bitcoin is now facing resistance near the $25,900 level. It is close to the 23.6% Fib retracement level of the recent decline from the $27,489 high to $25,400 low.
The next major resistance is near the $26,100 level and the trend line. The main resistance is near the $26,500 level or the 50% Fib retracement level of the recent decline from the $27,489 high to $25,400 low, above which the price could start a decent increase.
Source: BTCUSD on TradingView.com
The next major resistance is near the $26,700 level. A break and close above $26,700 could start a decent move towards $27,200. Any further gains above the $27,200 resistance area could send the price towards the $27,500 resistance area.
More Losses in BTC?
If bitcoin price fails to overcome the $26,100 resistance, it could continue to move lower. On the downside, an immediate support is near the $25,400 level.
The next major support is near the $25,000 area, below which the price could accelerate. In the mentioned case, the price could decline towards the $24,500 support in the coming sessions.
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 Level – $25,400, followed by $25,000.
Key Resistance Levels – $26,000, $26,100, and $26,500.
