- Bitcoin is consolidating below the $26,600 and $26,650 resistance levels.
- The price is trading below $26,650 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $26,640 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rebound if there is a clear break above the $26,650 resistance.
Bitcoin Price Faces Hurdles
Bitcoin price remains in a bearish zone below the $27,500 resistance. BTC extended its decline, trading below $26,000. A low was formed near $25,865 before the price started an upside correction.
The price rose above $26,200. The price is trading above the 23.6% Fib retracement level of the downward move from the $27,512 swing high to $25,865 low. However, the price faces many hurdles near $26,650.
Bitcoin price is currently consolidating below the $26,600 and $26,650 resistance levels. There is also a major bearish trend line forming with resistance near $26,640 on the hourly chart of the BTC/USD pair.
An immediate resistance on the upside is near $26,550. The next major resistance is near $26,650 or the 50% Fib retracement level of the downward move from the $27,512 swing high to $25,865 low. A close above the $26,650 resistance area could push the price towards the $27,200 resistance area.
Source: BTCUSD on TradingView.com
The next key resistance is near $27,550, above which the price could climb towards the $28,000 resistance. Any more gains could push the price towards the $28,200 resistance.
New drop for BTC?
If the price of bitcoin fails to clear the $26,650 resistance, it could start another decline. An immediate support on the downside is around $26,200.
The next major support is around the $26,000 area, below which the price could revisit the previous swing low at $25,865. Any more losses could take Bitcoin to the $25,000 level in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 40 level.
Major Support Levels – $26,200, then $26,000.
Major resistance levels – $26,550, $26,650 and $27,200.
Information source: compiled from NEWSBTC by 0x information.Copyright belongs to the author, without permission, may not be reproduced