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Bitcoin price is struggling to clear the $27,500 resistance area. BTC is sliding and there could be a sharp decline towards $25,550 in the coming sessions.
- Bitcoin is still struggling to stay above the $27,000 support area.
- The price is trading below the $27,200 and 100 hourly simple moving averages.
- There was a break below a key bullish trend line with support near $27,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could revisit the $26,550 support and continue to decline.
bitcoin price faces resistance
Bitcoin price started a minor correction from the $26,550 support area. BTC climbed above the $27,000 resistance area and the 100 hourly simple moving average.
There was a move above the 23.6% Fibonacci retracement level of the significant decline from the $28,450 swing high to $26,571 low. However, the bears were active near the $27,500 resistance area. There was no solid move above the $27,350 resistance area.
Bitcoin price traded below the 50% Fib retracement level of the major decline from the $28,450 high to $26,571 low. It is now trading below the $27,200 and 100 hourly simple moving averages.
An immediate resistance on the upside is near the $27,200 level and the 100 hourly simple moving average. The next major resistance is near the $27,350 level. The main resistance is near the $27,500 level.
Source: BTCUSD on TradingView.com
A break and close above $27,500 could start a decent move towards $28,000. Any further gains above the $28,000 resistance area could send the price towards the $28,500 resistance area. If there is a close above the $28,500 resistance, there could be a move towards the $30,000 resistance area in the near term.
More Losses in BTC?
If bitcoin price fails to overcome the $27,350 resistance, it could continue to move lower. On the downside, an immediate support is near the $26,800 level.
The next major support is near the $26,550 area, below which the price could start a heavy decline. In the mentioned case, the price could decline towards the $25,500 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 Levels – $26,800, followed by $26,550.
Key Resistance Levels – $27,200, $27,350 and $27,500.
