Bitcoin price is struggling to break through the $27,500 resistance zone. BTC is sliding and there could be a sharp decline towards USD 25,550 in the coming sessions.
- Bitcoin is still struggling to stay above the $27,000 support zone.
- The price is trading below $27,200 and the 100 Simple hourly moving average.
- There was a break below a major bullish trendline with support near USD 27,100 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could revisit the $26,550 support and could continue falling.
Bitcoin price encounters resistance
Bitcoin price started a minor upside correction from the $26,550 support zone. BTC climbed above the $27,000 resistance zone and the 100 simple hourly moving average.
There was a move above the 23.6% Fib retracement level from the main drop from the $28,450 swing high to the $26,571 low. However, the bears were operating 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 from the main drop from the $28,450 swing high to the $26,571 low. It is now trading below $27,200 and the 100 Simple hourly moving average.
Immediate resistance on the upside is near the $27,200 level and the 100 simple hourly moving average. The next major resistance is near the $27,350 level. The main resistance is near the $27,500 level.
Source: BTCUSD at TradingView.com
An upside break and close above $27,500 could start a decent move towards $28,000. More gains above the $28,000 resistance zone could push the price towards the $28,500 resistance zone. If there is a close above the $28,500 resistance, there could be a move towards the $30,000 resistance zone in the near term.
Lose more in BTC?
If the price of Bitcoin fails to clear the $27,350 resistance, it could fall further. Immediate support on the downside is near the $26,800 level.
The next major support is near the $26,550 zone, below which the price could start a strong decline. In the said case, the price could move down 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.
Key Support Levels – $26,800, followed by $26,550.
Major resistance levels – $27,200, $27,350 and $27,500.