Bitcoin Bears Set Sights on $26,500 After Sharp Drop

Bitcoin Bears Set Sights on $26,500 After Sharp Drop


Bitcoin price extends decline as it fails to stay in positive zone above $26,850 support level, with key resistance forming near $26,650 and potential for more losses towards $24,000 level in near term.

  • Bitcoin (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.
  • There 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 can potentially be limited over the $26,500 resistance.

Bitcoin (BTC) Price Extends Decline

Bitcoin (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. Bitcoin (BTC) price is trading below $26,500 and the 100 hourly Simple moving average.

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There 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 the past few decline from the $27,511 swing high to the $25,865 low.

The following major resistance is near the $26,400 level. The key resistance is now near $26,550 and the tendency line. It is next to the 50 percent Fib retracement level of the past few decline from the $27,511 swing high to the $25,865 low. A close over the $26,550 resistance zone can potentially send the price toward the $27,200 resistance zone.

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Source: BTCUSD on TradingView.com

The following key resistance is near $27,500, over which the price can potentially gain positive  tendency momentum toward the $28,000 resistance. Any more profits can potentially send the price toward the $28,500 level.

More Losses in BTC?

If BTC’s price fails to clear the $26,550 resistance, it  can potentially continue to move down. Immediate support on the downside is near the $25,850 level.

The following major support is near the $25,500 zone, below which the price can potentially dive toward the $25,000 support. Any more losses can potentially take Bitcoin (BTC) toward the $24,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 40 level.

Major Support Levels – $25,850, followed by $25,500.

Major Resistance Levels – $26,250, $26,550, and $26,650.

Source

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