Bitcoin value is struggling to get well above the $26,650 resistance. BTC would possibly begin one other decline if it stays beneath the $26,650 resistance zone.
- Bitcoin is consolidating beneath the $26,600 and $26,650 resistance ranges.
- The value is buying and selling beneath $26,650 and the 100 hourly Simple transferring common.
- There is a significant bearish development line forming with resistance close to $26,640 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might get well if there is a transparent transfer above the $26,650 resistance.
Bitcoin Price Faces Hurdle
Bitcoin value remained in a bearish zone beneath the $27,500 resistance zone. BTC prolonged its decline and traded beneath the $26,000 stage. A low was shaped close to $25,865 earlier than the worth began an upside correction.
There was a transfer above the $26,200 stage. The value is buying and selling above the 23.6% Fib retracement stage of the downward transfer from the $27,512 swing excessive to the $25,865 low. However, the worth is going through many hurdles close to $26,650.
Bitcoin value is now consolidating beneath the $26,600 and $26,650 resistance ranges. There is additionally a significant bearish development line forming with resistance close to $26,640 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is close to the $26,550 stage. The subsequent main resistance is close to the $26,650 stage or the 50% Fib retracement stage of the downward transfer from the $27,512 swing excessive to the $25,865 low. A detailed above the $26,650 resistance zone would possibly ship the worth towards the $27,200 resistance zone.
Source: BTCUSD on TradingView.com
The subsequent key resistance is close to $27,550, above which the worth would possibly rise towards the $28,000 resistance. Any extra good points would possibly ship the worth towards the $28,200 resistance stage.
Fresh Decline in BTC?
If Bitcoin’s value fails to clear the $26,650 resistance, it might begin one other decline. Immediate help on the draw back is close to the $26,200 stage.
The subsequent main help is close to the $26,000 zone, beneath which the worth would possibly revisit the final swing low at $25,865. Any extra losses would possibly take Bitcoin towards the $25,000 stage within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 40 stage.
Major Support Levels – $26,200, adopted by $26,000.
Major Resistance Levels – $26,550, $26,650, and $27,200.
