Bitcoin price is consolidating above the USD 25,500 level. BTC could start a decent increase if resistance breaks above USD 27,000.
- Bitcoin is struggling to break the USD 26,500 resistance zone.
- The price is trading near USD 26,100 and the 100 hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support near USD 26,400 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could continue to trade within a certain range before the next big move.
Bitcoin price falls again
Bitcoin price started a recovery wave above the USD 26,250 resistance level. BTC even passed the USD 26,500 level, but the bears were active near the USD 26,750 zone.
A high was formed around $26,779 and the price started falling again. There was a move below the USD 26,500 level. The price fell below the 50% Fib retracement level of the recovery move from the $25,360 swing low to the $26,779 high.
In addition, there was a break below a connecting bullish trendline with support near USD 26,400 on the hourly chart of the BTC/USD pair. The pair tested the 61.8% Fib retracement level of the recovery move from the $25,360 swing low to the $26,779 high.
Bitcoin is trading near USD 26,100 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is near the USD 26,400 level. The first major resistance is now near the USD 26,780 level, above which the price could rally towards the USD 27,000 resistance.
Source: BTCUSD at TradingView.com
To start a strong increase, the price must break above the USD 27,000 resistance. In the case mentioned, the price could test the USD 27,800 level. Any further gains could set the pace for a bigger rise towards $28,200.
Lose more in BTC?
If Bitcoin fails to clear the USD 26,400 resistance, it could continue to decline. Immediate downside support is near the USD 25,900 zone.
The next major support is near the USD 25,400 level. A downside break below the USD 25,400 level could push the price into a bearish zone again. In the said case, the price could fall towards USD 24,800.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $25,900, followed by $25,400.
Key resistance levels – $26,400, $26,780 and $27,000.