Bitcoin price is struggling to break out of the $27,500 resistance zone. BTC is falling and he could plunge towards $25,550 in future trades.
- Bitcoin is still struggling to break out of the $27,000 support zone.
- The price is trading below $27,200 and the 100 hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), the pair has broken below the key bullish trendline with support near $27,100.
- The pair could revisit the support at $26,550 and continue the decline.
Bitcoin Price Faces Resistance
Bitcoin price has started a slight upward correction from the $26,550 support zone. BTC has broken above the $27,000 resistance zone and the 100 hour simple moving average.
There was a move above the 23.6% Fib retracement level of the major decline from swing highs of $28,450 to lows of $26,571. However, the bears have been operating near the $27,500 resistance zone. There was no convincing move above the $27,350 resistance zone.
Bitcoin price remained below the 50% Fib retracement level of the major decline from swing highs of $28,450 to lows of $26,571. It is currently trading below $27,200 and the 100-hour simple moving average.
Near-term upside resistance is near the $27,200 levels and the 100-hour simple moving average. The next major resistance is near the $27,350 levels. The main resistance is near the $27,500 levels.
sauce: BTCUSD on TradingView.com
A break above and a close above $27,500 could start a decent rally towards $28,000. A further rally above the $28,000 resistance zone could lead the price towards the $28,500 resistance zone. If the close rises above the $28,500 resistance, there could be some short-term movement towards the $30,000 resistance zone.
Further loss of BTC?
If the price of Bitcoin fails to break out of the $27,350 resistance, it could fall further. The near-term support on the downside is near the $26,800 levels.
The next major support is near the $26,550 zone, below which the price could start a significant decline. In the above case, the price could fall towards the $25,500 support in the upcoming session.
Hourly MACD – The MACD is currently picking up pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Major Support Level – $26,800, then $26,550.
Key resistance levels – $27,200, $27,350, $27,500.