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Bitcoin price is declining below the $27,500 resistance. BTC is trading below $26,500 and it now remains at a risk of a decline towards the $25,500 support area.
- Bitcoin is correcting lower below the $27,400 and $27,500 resistance levels.
- The price is trading below the $26,500 and 100 hourly simple moving averages.
- There is a major bearish trend line forming with resistance near $26,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover, but the gains may be limited above the $26,500 resistance.
bitcoin price drop
Bitcoin price started another decline from the $27,500 resistance area. BTC failed to stay in a positive zone above the $26,850 support area and continued to decline.
The bears were able to push the price below the key $26,550 support area. The price even declined below the $26,000 level. A low was formed near $25,865 and the price is now consolidating losses. Bitcoin price is trading below the $26,500 and 100 hourly simple moving averages.
There is also a major bearish trend line forming with resistance near $26,650 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $26,250 level or the 23.6% Fib retracement level of the recent decline from the $27,511 high to $25,865 low.
The next major resistance is near the $26,400 level. The main resistance is now near the $26,550 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $27,511 high to $25,865 low. A close above the $26,550 resistance area could send the price towards the $27,200 resistance area.
Source: BTCUSD on TradingView.com
The next major resistance is near the $27,500 level, above which the price could accelerate higher 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 $26,550 resistance, it could continue to move lower. On the downside, an immediate support is near the $25,850 level.
The next major support is near the $25,500 area, below which the price could decline towards the $25,000 support. Any further losses could take bitcoin towards the $24,000 level in the near term.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level.
Key Support Levels – $25,850, followed by $25,500.
Key Resistance Levels – $26,250, $26,550 and $26,650.
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