Bitcoin price is falling below the USD 28,000 level. BTC is at risk of a downside break towards the USD 25,000 support in the near term.
- Bitcoin struggled to recover above the $27,500 and $27,800 resistance levels.
- The price is trading below $27,500 and the 100 Simple hourly moving average.
- Two bearish trendlines are forming with resistance near USD 27,000 and USD 27,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could drop further if it breaks the $26,750 support zone.
Bitcoin price extends decline
Bitcoin price failed to start a recovery wave above the USD 27,800 level. BTC remained in a bearish zone and settled below the $27,500 support zone.
The bears were able to push the price below the $27,000 level. A low is forming near USD 26,720 and the price is now showing a lot of bearish signs. It is still trading below $27,500 and the 100 Simple hourly moving average. Two bearish trendlines are also forming with resistance near USD 27,000 and USD 27,800 on the hourly chart of the BTC/USD pair.
Bitcoin price is likely to see sellers near the $27,000 level or the 23.6% Fib retracement level which recently fell from the $28,335 swing high to the $26,720 low.
The next major resistance is near the $27,350 level. The main resistance is now forming at the next trendline and USD 27,800. It is close to the 50% Fib retracement level which recently fell from the $28,335 swing high to the $26,720 low.
Source: BTCUSD at TradingView.com
A close above the USD 27,800 resistance and the 100 hourly simple moving average could start a decent increase. The next key resistance is near $28,000, above which the price might rise towards the $28,500 resistance.
Lose more in BTC?
If the price of Bitcoin fails to clear the $27,500 resistance, it could fall further. Immediate support on the downside is near the $26,750 level.
The next key support is near the USD 26,500 zone, below which the price could gain bearish momentum. In the said case, it could revisit the $26,000 level. More losses could push Bitcoin to the $25,000 level in the near term.
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 now below the 50 level.
Major Support Levels – $26,750 followed by $26,000.
Major resistance levels – $27,000, $27,350 and $27,800.