Bitcoin price is struggling to clear the $27,500 resistance zone. BTC is slipping and it could see a sharp drop towards $25,550 in the coming sessions.
- Bitcoin is still struggling to stay above the $27,000 support zone.
- The price is below $27,200 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $27,100 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair might revisit the $26,550 support and continue down.
Bitcoin price is facing resistance
Bitcoin price started a slight upward correction from the $26,550 support zone. BTC scaled above the $27,000 resistance zone and the 100 hourly simple moving average.
There was a move above the 23.6% Fib retracement level of the key pullback from the $28,450 swing high to the $26,571 low. However, the bears have been active near the $27,500 resistance zone. There was no convincing move above the $27,350 resistance zone.
Bitcoin price stayed below the 50% Fib retracement level of the main drop from the swing high at $28,450 to the low at $26,571. The trading price is currently below $27,200 and the 100 hourly simple moving average.
Immediate resistance on the upside is near $27,200 and the 100 hourly simple moving average. The next major resistance is near the $27,350 level. 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 decent rally towards $28,000. Any further rise above the $28,000 resistance zone could propel the price towards the $28,500 resistance zone. If the close is above the $28,500 resistance level, there might be a move towards the $30,000 resistance area in the short term.
More BTC losses?
If bitcoin price fails to clear the $27,350 resistance, it might fall further. Immediate support on the downside is near $26,800.
The next major support is near the $26,550 zone, below which the price might start a sharp decline. In the mentioned case, the price could drop towards the $25,500 support in the coming sessions.
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 – $26,800 followed by $26,550.
Major resistance levels – $27,200, $27,350 and $27,500.
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