Bitcoin price is correcting lower from the $27,400 resistance. BTC could start a fresh increase if it can break through the $26,600 resistance zone.
- Bitcoin started a fresh decline after it failed to clear the $27,400 resistance.
- The price is trading below $26,600 and the 100 Simple hourly moving average.
- A major bearish channel is forming with resistance near USD 26,580 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt another increase if it crosses the $26,580 and $26,600 levels.
Bitcoin price holds support
Bitcoin price was able to climb above the USD 27,000 level again. BTC even climbed above USD 27,200 before the bears appeared near the USD 27,400 zone.
A high was formed near $27,368 before the price started falling again. There was a move below the $27,000 support zone. The price fell below the 50% Fib retracement level of the upward move from the $25,368 swing low to the $27,368 high.
Bitcoin price is now trading below USD 26,600 and the 100 Simple hourly moving average. A major bearish channel is also forming with resistance near USD 26,580 on the hourly chart of the BTC/USD pair.
However, it maintains the $26,200 support and the 61.8% Fib retracement level from the upward move from the $25,368 swing low to the $27,368 high. Immediate resistance is near the $26,580 level and the channel zone. The next major resistance is near the $26,600 level. A close above $26,600 could push the price even higher.
Source: BTCUSD at TradingView.com
The next key resistance is near the $27,000 level. A clear move above the $27,000 resistance might call for a move towards the $27,400 resistance. More gains above the $27,400 resistance zone could push the price towards the $28,500 resistance zone.
Lose more in BTC?
If the price of Bitcoin fails to clear the $26,600 resistance, it could fall further. another drop. Immediate support on the downside is near the $26,200 level.
The next key support is near the $25,840 level, below which the price could gain bearish momentum. In the said case, the price could fall towards the $25,400 support.
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 – $26,200, followed by $25,840.
Major resistance levels – $26,600, $27,000 and $27,400.
