Bitcoin price is correcting lower from the $27,400 resistance. If BTC can clear the $26,600 resistance zone, it could see a fresh increase.
- Bitcoin started a fresh decline after failing to clear the $27,400 resistance.
- The price is below $26,600 and the 100 hourly simple moving average.
- There is a key bearish channel forming with resistance near $26,580 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair might attempt a fresh increase if it clears the $26,580 and $26,600 levels.
Bitcoin price holds support
Bitcoin price managed to climb back above $27,000 level. BTC even scaled above $27,200 before the bears emerged near the $27,400 zone.
A high was formed at $27,368 before the price started falling again. There was a move below the $27,000 support zone. The price fell below the 50% Fib retracement level of the bullish move from the swing low at $25,368 to the high at $27,368.
Bitcoin price is now trading below $26,600 and the 100 hourly simple moving average. There is also a key downward channel forming with resistance near $26,580 on the hourly chart of the BTC/USD pair.
However, it holds the $26,200 support and the 61.8% Fibonacci retracement level of the bullish move from the $25,368 swing low to the $27,368 high. Immediate resistance is near $26,580 and the channel zone. The next major resistance is near the $26,600 level. A close above $26,600 could push the price further higher.
Source: BTCUSD on TradingView.com
The next key resistance is near the $27,000 level. A meaningful move above the $27,000 resistance might require a move towards the $27,400 resistance. Any further rise above the $27,400 resistance zone could propel the price towards the $28,500 resistance zone.
More BTC losses?
If bitcoin price fails to clear the $26,600 resistance, it might fall further. another drop. Immediate support on the downside is near $26,200.
The next major support is near $25,840, below which the price might gain bearish momentum. In the mentioned case, the price might drop towards the $25,400 support.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Key support levels – $26,200 followed by $25,840.
Major resistance levels – $26,600, $27,000 and $27,400.
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