Bitcoin price is falling again after the USD 27,500 resistance. BTC could extend its decline and revisit the USD 25,400 support zone.
- Bitcoin started a downward correction after failing to overcome the USD 27,500 resistance.
- The price is trading below $27,000 and the 100 hourly Simple Moving Average.
- There was a break below a major bullish trendline with support near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of more negative points below the USD 26,350 level.
Bitcoin price revisits support
Bitcoin price started a downward correction after it failed to clear the USD 27,500 resistance. BTC traded below the USD 27,000 and USD 26,800 support levels and entered a bearish zone.
Moreover, there was a break below a major bullish trendline with support near $26,800 on the hourly chart of the BTC/USD pair. The pair retested the USD 26,350 support zone and is currently consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.
Bitcoin is now trading below $27,000 and the 100 hourly Simple Moving Average. The immediate resistance on the upside is near the $26,800 level. The first major resistance is near the $27,000 zone, a connecting bearish trendline, and the 50% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.
Source: BTCUSD on TradingView.com
The next major resistance could be near the $27,050 level, above which the price could gain bullish momentum. In the mentioned case, the price could even rise towards the USD 27,500 resistance. Any further gains could require a move towards the $28,800 level in the coming days.
Lose more in BTC?
If Bitcoin fails to start a new rise above the $27,000 resistance, it could continue to decline. The immediate downside support is near the USD 26,350 level.
The next major support is near the $26,200 level. A downside break and a close below the $26,200 level could lead to more bearish moves and the price could fall towards the next support at $25,400.
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 26,350, followed by USD 26,200.
Major resistance levels – $27,000, $27,050 and $27,500.
