- Bitcoinย (BTC) is moving lower from the $27,400 and $27,500 resistance levels.
- The price is trading below $26,500 and the 100 hourly Simple moving average.
- Thereย is a key bearish tendency 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 upsides canย potentially be limited over the $26,500 resistance.
Bitcoinย (BTC) Price Extends Decline
Bitcoinย (BTC) price started another decline from the $27,500 resistance zone. Bitcoin failed to stay in a positive zone over the $26,850 support zone and extended its decline.
The bears were able to push the price below the key $26,550 support zone. The price even spiked below the $26,000 level. A low is formed near $25,865 and the price is now consolidating losses. Bitcoinย (BTC) price is trading below $26,500 and the 100 hourly Simple moving average.
Thereย is likewise a key bearish tendency line forming with resistance near $26,650 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,250 level or the 23.6 percent Fib retracement level of theย pastย few decline from the $27,511 swing high to the $25,865 low.
Theย following major resistance is near the $26,400 level. Theย keyย resistance is now near $26,550 and the tendency line. It is nextย to the 50 percent Fib retracement level of theย pastย few decline from the $27,511 swing high to the $25,865 low. A close over the $26,550 resistance zone canย potentially send the price toward the $27,200 resistance zone.
Source: BTCUSD on TradingView.com
Theย following key resistance is near $27,500, over which the price canย potentially gain positiveย tendency momentum toward the $28,000 resistance. Any more profits canย potentially send the price toward the $28,500 level.
More Losses in BTC?
If BTCโs price fails to clear the $26,550 resistance, itย canย potentially continue to move down. Immediate support on the downside is near the $25,850 level.
Theย following major support is near the $25,500 zone, below which the price canย potentially dive toward the $25,000 support. Any more losses canย potentially take Bitcoinย (BTC) toward the $24,000 level in the near term.
Technical indicators:
Hourly MACD โ The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) โ The RSI for BTC/USD is now below the 40 level.
Major Support Levels โ $25,850, followed by $25,500.
Major Resistance Levels โ $26,250, $26,550, and $26,650.
