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Bitcoin Price Takes Hit – Upsides Turn Attractive To Sellers

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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.

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