- Bitcoinย (BTC) is consolidating below the $26,600 and $26,650 resistance levels.
- The price is trading below $26,650 and the 100 hourly Simple moving average.
- Thereย is a major bearish tendency line forming with resistance near $26,640 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover if thereย is a clear move over the $26,650 resistance.
Bitcoinย (BTC) Price Faces Hurdle
Bitcoinย (BTC) price remained in a bearish zone below the $27,500 resistance zone. Bitcoin extended its decline and traded below the $26,000 level. A low was formed near $25,865 before the price started an upside correction.
There was a move over the $26,200 level. The price is trading over the 23.6 percent Fib retracement level of the downward move from the $27,512 swing high to the $25,865 low. Nonetheless, the price is facing numerous hurdles near $26,650.
Bitcoinย (BTC) price is now consolidating below the $26,600 and $26,650 resistance levels. Thereย is likewise a major bearish tendency line forming with resistance near $26,640 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $26,550 level. Theย following major resistance is near the $26,650 level or the 50 percent Fib retracement level of the downward move from the $27,512 swing high to the $25,865 low. A close over the $26,650 resistance zone canย potentially send the price toward the $27,200 resistance zone.
Source: BTCUSD on TradingView.com
Theย following key resistance is near $27,550, over which the price canย potentially boost toward the $28,000 resistance. Any more profits canย potentially send the price toward the $28,200 resistance level.
Fresh Decline in BTC?
If BTCโs price fails to clear the $26,650 resistance, itย canย potentially start another decline. Immediate support on the downside is near the $26,200 level.
Theย following major support is near the $26,000 zone, below which the price canย potentially revisit the last swing low at $25,865. Any more losses canย potentially take Bitcoinย (BTC) toward the $25,000 level in the near term.
Technical indicators:
Hourly MACD โ The MACD is now losing pace in the positiveย tendency zone.
Hourly RSI (Relative Strength Index) โ The RSI for BTC/USD is now over the 40 level.
Major Support Levels โ $26,200, followed by $26,000.
Major Resistance Levels โ $26,550, $26,650, and $27,200.
