Bitcoin price started a new decline below the $27,500 support. BTC is now showing a lot of bearish signs below the $27,400 pivot level.
- Bitcoin started a fresh decline and dropped below the key $27,500 support area.
- The price is trading below $27,550 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but gains may be limited above the $27,500 resistance.
Bitcoin price is falling again
Bitcoin price failed to start a fresh increase above the $28,000 resistance area. BTC started a fresh decline and was trading below the key $27,500 support area.
There was a clear move below the $27,400 level and the 100 hourly simple moving average. The price dropped below the $27,000 level and traded near the $26,500 support. A bottom was formed near $26,571 and the price is now consolidating losses.
Bitcoin price is trading below $27,550 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair.
An immediate resistance is on the upside near the $26,920 level. It is close to the 50% Fibonacci retracement level of the recent decline from $27,287 high to a low of $26,571. The next major resistance is near the $27,100 level.
The stated resistance is near the 76.4% Fibonacci retracement level of the recent decline from $27,287 swing high to $26,571 low. The main resistance is near the $27,500 level.
source: BTCUSD on TradingView.com
A break-up and a close above $27,500 could lead to a steady increase towards $28,000. If the bulls can clear the $28,000 resistance area, it could send the price towards the $28,500 resistance area.
More losses in bitcoin?
If bitcoin price fails to clear the $27,100 resistance, it may continue to decline. There is an immediate support on the downside near the $26,550 level.
The next major support is near the $26,500 area, below which the price might gain bearish momentum. In the mentioned case, the price might decline towards the $26,000 support.
Technical indicators:
Hourly MACD – The MACD is gaining momentum now in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below level 50.
Key Support Levels – $26,550, followed by $26,500.
Major resistance levels – $27,100, $27,400, and $27,500.
