Bitcoin price is declining from the $27,500 resistance level. BTC traded below $26,500 and it now remains at risk of a drop towards the $25,500 support zone.
- Bitcoin is moving down 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 trend line forming with resistance near $26,650 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair could recover, but upside potential may be limited above the $26,500 resistance level.
Bitcoin price continues its decline
Bitcoin price started another decline from the $27,500 resistance zone. BTC failed to sustain in positive territory above the $26,850 support zone and continued its decline.
The bears managed to sink the price below the key $26,550 support zone. The price even went below the $26,000 mark. A low is forming at $25,865 and the price is now consolidating losses. Bitcoin price is trading below $26,500 and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near $26,650 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near $26,250, or the 23.6% Fib retracement level of the recent decline from the $27,511 swing high to the $25,865 low.
The next major resistance is near the $26,400 level. The main resistance now stands at $26,550 and the trendline. It is close to the 50% Fib retracement level of the recent drop from the $27,511 swing high to the $25,865 low. A close above the $26,550 resistance zone could propel the price towards the $27,200 resistance zone.
Source: BTCUSD on TradingView.com
The next key resistance stands at $27,500, above which the price may gain bullish momentum towards the $28,000 resistance. Further gains could propel the price towards the $28,500 level.
More BTC losses?
If bitcoin price fails to clear the $26,550 resistance, it might fall further. Immediate support on the downside is near $25,850.
The next major support is near the $25,500 zone, below which the price could drop towards the $25,000 support. Further losses could push Bitcoin to the $24,000 mark in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
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.
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