- Bitcoin (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.
- There 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 there is a clear move over the $26,650 resistance.
Bitcoin (BTC) Price Faces Hurdle
Bitcoin (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.
Bitcoin (BTC) price is now consolidating below the $26,600 and $26,650 resistance levels. There 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. The 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 can potentially send the price toward the $27,200 resistance zone.
Source: BTCUSD on TradingView.com
The following key resistance is near $27,550, over which the price can potentially boost toward the $28,000 resistance. Any more profits can potentially send the price toward the $28,200 resistance level.
Fresh Decline in BTC?
If BTC’s price fails to clear the $26,650 resistance, it can potentially start another decline. Immediate support on the downside is near the $26,200 level.
The following major support is near the $26,000 zone, below which the price can potentially revisit the last swing low at $25,865. Any more losses can potentially take Bitcoin (BTC) toward the $25,000 level in the near term.
Hourly MACD – The MACD is now losing pace in the positive tendency zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now over the 40 level.
Major Support Levels – $26,200, followed by $26,000.
Major Resistance Levels – $26,550, $26,650, and $27,200.