Bitcoin may rise again if it breaks this barrier.
The price of Bitcoin is currently decreasing from the resistance level of $27,400. It could start to rise again if it manages to surpass the resistance zone of $26,600.
- Bitcoin has started to decline again after failing to overcome the $27,400 resistance level.
- The price is currently trading below $26,600 and the 100-hourly Simple Moving Average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a key declining channel is forming with resistance near $26,580.
- If the pair can clear the levels of $26,580 and $26,600, it might attempt a fresh increase.
Bitcoin Price Holds Support
The price of Bitcoin was able to climb back above the $27,000 level and even reached above $27,200 before the bears appeared near the $27,400 zone.
The price formed a high near $27,368 before starting to decline again. It went below the support zone of $27,000 and declined below the 50% Fibonacci retracement level of the upward move from the swing low of $25,368 to the high of $27,368.
The price of Bitcoin is currently trading below $26,600 and the 100-hourly Simple Moving Average. There is also a key declining channel forming with resistance near $26,580 on the hourly chart of the BTC/USD pair.
- Bitcoin support found at $26,200 – Will there be a bounce-back?
- Bitcoin’s realized loss is still low despite recent volatility. What’s the significance?
- Bitcoin price resilient due to 3 factors.
However, it is currently holding the support level of $26,200 and the 61.8% Fibonacci retracement level of the upward move from the swing low of $25,368 to the high of $27,368. The immediate resistance is near the level of $26,580 and the channel zone. The next major resistance level is near $26,600. If the price manages to close above $26,600, it might go even higher.
Source: BTCUSD on TradingView.com
The next key resistance level is near $27,000. If the price moves above this level, it might indicate a move towards the resistance level of $27,400. If it manages to surpass this resistance zone, the price might move towards the resistance zone of $28,500.
More Losses in BTC?
If Bitcoin’s price fails to clear the resistance level of $26,600, it might continue to decrease further. The immediate support on the downside is near the level of $26,200.
The next major support level is near $25,840. If the price goes below this level, it might gain bearish momentum and drop towards the support level of $25,400.
Technical indicators:
Hourly MACD – The MACD is currently gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the level of 50.
Major Support Levels – $26,200, followed by $25,840.
Major Resistance Levels – $26,600, $27,000, and $27,400.
