Bitcoin price is struggling below $27,500. BTC is now at risk of a break-down unless there is a close above the $27,500 resistance.
- Bitcoin started falling again and was trading below the $26,800 level.
- The price is trading below $27,200 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $27,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can start a fresh rise if it surpasses the $27,320 and $27,500 resistance levels.
Bitcoin price is facing resistance
Bitcoin price started a new decline below the $27,200 level. BTC even traded below the $26,550 support area to set a fresh weekly low.
The bottom formed near $26,345, and the price is now trying a fresh increase. There was a move above the 23.6% Fibonacci retracement level of the recent decline from the swing high of $27,492 to $26,345. It is now trading below $27,200 and the 100 hourly simple moving average.
There is also a major bearish trend line forming with resistance near $27,320 on the hourly chart of the BTC/USD pair. Bitcoin price is now struggling to clear the $27,000 resistance.
It is facing barriers near the 50% Fibonacci retracement level of the recent decline from $27,492 high to $26,345. The next major resistance is near the $27,320 level and the trend line. Closing above the $27,320 resistance could reduce selling pressure.
source: BTCUSD on TradingView.com
The next major resistance is near $27,550, above which the price might gain bullish momentum and test the $28,000 resistance. Any further gains could send the price towards the $28,500 level.
New drop in bitcoin?
If bitcoin price fails to clear the $27,320 resistance, it might start a fresh decline. There is an immediate support on the downside near the $26,550 level.
The next major support is near the $26,350 area, below which the price might gain bearish momentum. In the mentioned case, it could test the $26,000 level. Any further losses could lead Bitcoin towards the $25,500 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $26,550, followed by $26,350.
Major resistance levels – $27,000, $27,320, and $27,500.