Bitcoin price is struggling to rise above the USD 27,800 resistance zone. BTC could extend its decline if there is a clear move below the $27,200 support zone.
- Bitcoin is struggling to spark a fresh rise above the USD 27,800 resistance zone.
- The price is trading below $27,700 and the 100 hourly Simple Moving Average.
- There was a break below a key ascending channel with support near $27,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if a close occurs below the $27,200 support.
Bitcoin price faces an uphill task
Bitcoin price attempted to make a fresh rise from the USD 27,200 support zone after a downside correction. BTC managed to recover above the USD 27,500 resistance zone.
The price climbed above the 50% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. However, the bears remained active near the USD 28,000 resistance zone. The price struggled to break above the USD 27,850 level.
Bitcoin was rejected near the 61.8% Fib retracement level of the downward move from the $28,565 swing high to the $27,189 low. It saw another decline below $27,500.
Moreover, there was a break below a key ascending channel with support near $27,650 on the hourly chart of the BTC/USD pair. The bulls are now protecting the USD 27,200 support zone. It is trading below $27,700 and the 100 hourly Simple Moving Average.
Source: BTCUSD on TradingView.com
The immediate resistance on the upside is near the $27,650 level. The next major resistance could be near the $28,000 level. A close above the $28,000 resistance could spark another surge. In the mentioned case, the price could rise towards the USD 28,500 resistance. Further gains could require a move towards the $29,200 level.
Lose more in BTC?
If Bitcoin fails to hold higher above the USD 27,800 resistance, more losses could occur. The immediate downside support is near the $27,400 level.
The next major support is near the $27,200 level. A downside break and a close below the USD 27,200 level could further push the price lower towards USD 26,800 in the near term. The next support is at $26,200.
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 approaching the 50 level.
Major support levels – USD 27,400, followed by USD 27,200.
Major resistance levels – $27,800, $28,000 and $28,500.