Bitcoin price is struggling to break the USD 27,500 resistance. BTC is slowly moving lower and could revisit the USD 26,200 support zone in the coming sessions.
- Bitcoin is still struggling to overcome the USD 27,500 resistance.
- The price is trading above USD 26,800 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $26,810 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a bearish wave below $26,800 if it continues to struggle below $27,500.
Bitcoin price is rejected
Bitcoin price made a few attempts to gain strength before a move above the USD 27,500 resistance zone. However, BTC failed to hold higher and slowly moved lower following the Fed’s interest rate decision.
The Fed kept interest rates stable at 5.5% and this had little impact on Bitcoin. The price is now moving lower below the USD 27,200 level. There was a break below the 50% Fib retracement level of the upward move from the $26,656 swing low to the $27,495 high.
Bitcoin is now trading above $26,800 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support near $26,810 on the hourly chart of the BTC/USD pair.
If the price remains stable above the trend line, it may rise again. The immediate resistance on the upside is near the $27,280 level. The first major resistance is near the $27,500 zone, above which the price could gain bullish momentum.
Source: BTCUSD on TradingView.com
The next major resistance could be near the $28,200 level. A close above the USD 28,200 resistance could push the price towards the USD 29,500 resistance. Any further gains could require a move towards the $30,000 level in the coming days.
Disadvantage of BTC?
If Bitcoin fails to start a fresh rise above the USD 27,280 resistance, it could continue falling. The immediate downside support is near the $26,855 level or the 76.4% Fib retracement level of the upward move from the $26,656 swing low to the $27,495 high.
The next major support is near the $26,800 level and trendline. A downside break and a close below the $26,800 level could lead to more bearish moves and the price could fall towards the next support at $26,200.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 26,800, followed by USD 26,200.
Major resistance levels – $27,280, $27,500 and $28,200.