Bitcoin price is down 5% and it is trading below the USD 26,000 level. BTC is now at risk of moving towards the $25,000 support in the near term.
- Bitcoin started a sharp decline below the USD 27,000 level.
- The price is trading below $26,500 and the 100 Simple hourly moving average.
- A connecting bearish trendline is forming with resistance near USD 26,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but gains may be limited above $26,200 and $26,400.
Bitcoin price is hit
Bitcoin price failed to start a fresh increase above the USD 27,000 resistance. BTC started a fresh decline below the $26,500 support and the 100 simple hourly moving average.
The price is down 5% and there was a move below the $26,000 support. It even retested the $25,400 support zone. It is now consolidating below $26,500 and the 100 Simple hourly moving average. A connecting bearish trendline is also forming with resistance near USD 26,100 on the hourly chart of the BTC/USD pair.
Bitcoin is now facing resistance near the $25,900 level. It is near the 23.6% Fib retracement level from the recent drop from the $27,489 swing high to the $25,400 low.
The next major resistance is near the $26,100 level and the trendline. The main resistance is near the USD 26,500 level or the 50% Fib retracement level from the recent drop from the USD 27,489 swing high to the USD 25,400 low, above which the price could start a decent rally.
Source: BTCUSD at TradingView.com
The next key resistance is near the $26,700 level. An upside break and close above $26,700 could start a decent rise to $27,200. More gains above the $27,200 resistance zone could push the price towards the $27,500 resistance zone.
Lose more in BTC?
If the price of Bitcoin fails to clear the $26,100 resistance, it could fall further. Immediate support on the downside is near the $25,400 level.
The next major support is near the $25,000 zone, below which the price could accelerate lower. In the said case, the price could move down towards the $24,500 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 – $25,400, followed by $25,000.
Major resistance levels – $26,000, $26,100 and $26,500.