Bitcoin price is falling and trading below $27,000. BTC is still at risk of more downside below the USD 26,500 and USD 26,200 support levels.
- Bitcoin is heading lower and showing bearish signs below $27,000.
- The price is trading below $27,000 and the 100 hourly Simple Moving Average.
- Two bearish trendlines are forming with resistance around $26,950 and $27,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline towards the $26,000 support in the short term.
Bitcoin Price Extends Losses
Bitcoin price struggled to initiate a recovery wave above the USD 27,500 resistance. BTC remained in a bearish zone and fell further below the USD 27,000 level.
There was a decline below the USD 26,800 level and the price tested the USD 26,500 support. A low is formed near USD 26,551 and the price is trying to make another recovery wave. There was a small increase above the USD 26,800 level. However, the price still faces many hurdles.
Bitcoin is now trading below $27,000 and the 100 hourly Simple Moving Average. There are also two bearish trend lines forming with resistance around $26,950 and $27,400 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $26,950 level and the first trendline. It is close to the 23.6% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The next major resistance could be near the $27,400 level and secondly the trendline.
The second trendline is near the 50% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The first major resistance is $27,500 and the 100 Hourly Simple Moving Average, above which Bitcoin could test $27,800.
Source: BTCUSD on TradingView.com
The main hurdle is still $28,500. A close above the USD 28,500 resistance could trigger a fresh rise. In the mentioned case, the price could rise towards the USD 30,000 resistance.
Lose more in BTC?
If Bitcoin fails to recover higher than the USD 27,000 resistance, more losses could occur. The immediate downside support is near the USD 26,650 level.
The next major support is near the $26,500 level. A downside break and a close below the USD 26,500 support could push the price further down. The next support is $26,000.
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.
Major support levels – USD 26,650, followed by USD 26,500.
Major resistance levels – $27,000, $27,400 and $27,500.