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Bitcoin price is struggling below the $26,150 support. If it breaks the key $25,400 support in the near term, BTC could start another decline.
- Bitcoin is declining below the $26,150 support area.
- The price is trading below the $26,000 and 100 hourly simple moving averages.
- There is a major bearish trend line forming with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to decline again if there is a break below the $25,400 support area.
Bitcoin price remains in a downtrend
Bitcoin price is struggling to settle above the $26,500 resistance area. BTC declined below the $26,150 support and moved into a bearish zone.
A recent high was formed near $26,133 and the price is correcting lower. There was a break below the 50% Fib retracement level of the upward move from the $25,400 swing low to $26,133 high. The price is also trading below the $25,750 support.
Bitcoin price is now trading below the $26,000 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $26,000 on the hourly chart of the BTC/USD pair.
It looks like it is holding the $25,570 support. It is close to the 76.4% Fib retracement level of the move from the $25,400 low to $26,133 high. An immediate resistance is near the $26,000 level and the trend line area.
The first major resistance is near the $26,150 level. A clear move above the $26,150 resistance could start a decent rise. The next major resistance is near the $26,500 level. A close above $26,500 could push the price higher.
Source: BTCUSD on TradingView.com
The next major resistance is near the $27,000 level, above which bitcoin could move higher towards the $27,500 resistance. Any further gains above the $27,500 resistance area could send the price towards the $28,500 resistance area.
More Losses in BTC?
If bitcoin price fails to overcome the $26,000 resistance, it could continue to decline. Another fall. On the downside, an immediate support is near the $25,570 level.
The next major support is near the $25,400 level, below which the price is likely to accelerate higher. In the mentioned case, the price could decline towards the $25,000 support 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 below the 50 level.
Key Support Levels – $25,570, followed by $25,500.
Key Resistance Levels – $26,000, $26,150, and $26,500.
