Bitcoin Falls Below $27,000 Level After Failed Test
Bitcoin (BTC/USD) saw a decline in the Asian session, dropping below the $27,000 level after reaching a peak around $27,313. This drop represents a failed test of an upside price objective related to buying pressure at levels around $24,900 and $25,983.78. During a pullback, technical support was established around the $26,661 area, setting upside price objectives at $27,567, $27,941, $28,404, and $29,151. On the other hand, areas of resistance and potential selling pressure are seen at levels including $27,559, $27,701, $27,936, $28,029, $28,189, $28,306, and $28,381.
Bearish technical risk remains intact and may lead to further downside tests at price objectives around levels such as $25,815, $25,775, $25,668,
$25,645,$25 598,$25 331,and$24 899. Stops are accumulating below some of these downside price objectives at levels like
$24 155,$23 270,$23 204,$23 164,$22 949,$22 028,$21 496,$21 242,and$20 702.Technicians are closely watching three key levels:
$29 514,$23 438,and$20 195.These levels are related to selling pressure at points such as
$69 000,$59 249,and$52 100.Traders note that on the 4-hourly chart,the bearish indication of the 50-bar moving average (MA) is below the
100-bar MA but above the200-bar MA. Similarly,on the hourly chart,the bullish indication of the 50-bar MA is above the
100-bar MA and the 200-bar MA.
The price is currently closest to the 100-bar MA (4-hourly) at $26,618.61 and the 50-bar MA (hourly) at $26,947.17. Technical support is expected around $24,440.41, $23,270.10, and $22,769.39 with stops anticipated below these levels. On the other hand, technical resistance is expected around $31,986.16, $32,989.19, and $34,658.69 with stops projected above these levels.
In terms of technical indicators, on the 4-hourly chart, SlowK is bearishly below SlowD while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bearishly below SlowD while MACD is bearishly below MACDAverage.
Hot Take: Bitcoin Faces Resistance After Failed Test
Bitcoin experienced a setback after failing to pass a key resistance level at around $27,313. This failure indicates a bearish technical risk that could lead to further downside tests in the near future. However, there are still areas of support to watch for potential rebounds. Traders are closely monitoring three significant levels that could influence market sentiment in the coming days. Overall, Bitcoin’s price movement remains uncertain as it faces both technical resistance and support levels.
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