Bitcoin price started a fresh decline below the $27,500 support. BTC is now showing many bearish signs below the $27,400 pivot level.
- Bitcoin started a fresh decline and fell below the key $27,500 support zone.
- The price is below $27,550 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair might correct higher, but upside potential might be limited above the $27,500 resistance level.
Bitcoin price falls again
Bitcoin price failed to start a fresh increase above the $28,000 resistance zone. BTC started a fresh decline and traded below the key $27,500 support zone.
There was a clear move below $27,400 and the 100 hourly simple moving average. The price even dropped below $27,000 and it traded near the $26,500 support. A low is forming at $26,571 and the price is now consolidating losses.
Bitcoin price is trading below $27,550 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near $26,920. It is close to the 50% Fib retracement level of the recent drop from the $27,287 swing high to the $26,571 low. The next major resistance is near the $27,100 level.
The resistance given is near the 76.4% Fib retracement level of the recent drop from the $27,287 swing high to the $26,571 low. The main resistance is near the $27,500 level.
Source: BTCUSD on TradingView.com
A break to the upside and a close above $27,500 could trigger a steady climb towards $28,000. If the bulls manage to clear the $28,000 resistance zone, the price might surge towards the $28,500 resistance zone.
More BTC losses?
If bitcoin price fails to clear the $27,100 resistance, it might fall further. Immediate support on the downside is near $26,550.
The next major support is near the $26,500 zone, below which the price might gain some downside momentum. In the mentioned case, the price could drop towards the $26,000 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.
Major support levels – $26,550 followed by $26,500.
Major resistance levels – $27,100, $27,400 and $27,500.
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