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Bitcoin price is struggling below $27,500. There is a risk of downside for BTC unless there is a close above the $27,500 resistance.
- Bitcoin started a decline again and traded below the $26,800 level.
- The price is trading below the $27,200 and 100 hourly simple moving averages.
- There is a major bearish trend line forming with resistance near $27,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh rally if it overcomes the $27,320 and $27,500 resistance levels.
bitcoin price faces resistance
Bitcoin price started a fresh decline below the $27,200 level. BTC is also trading below the $26,550 support area and setting a new weekly low.
A bottom formed near $26,345 and the price is now attempting a fresh rise. There was a move above the 23.6% Fib retracement level of the recent decline from the $27,492 swing high to $26,345 low. It is now trading below the $27,200 and 100 hourly simple moving averages.
There is also a major bearish trend line forming with resistance near $27,320 on the hourly chart of the BTC/USD pair. Bitcoin price is now struggling to clear the $27,000 resistance.
It is facing a hurdle near the 50% Fib retracement level of the recent decline from the $27,492 high to $26,345 low. The next major resistance is near the $27,320 level and the trend line. A close above the $27,320 resistance is likely to reduce the selling pressure.
Source: BTCUSD on TradingView.com
The next major resistance is near the $27,550 level, above which the price could accelerate and test the $28,000 resistance. Any further gains could send the price towards the $28,500 level.
Fresh decline in BTC?
If bitcoin price fails to overcome the $27,320 resistance, it could start a fresh decline. On the downside, an immediate support is near the $26,550 level.
The next major support is near the $26,350 area, below which the price is likely to witness a bearish momentum. In the stated case, it could test the $26,000 level. Any further losses could take bitcoin towards the $25,500 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 50 level.
Key Support Levels – $26,550, followed by $26,350.
Key Resistance Levels – $27,000, $27,320, and $27,500.
