- Bitcoin has started a new drop and has fallen below the key support area of $27,500.
- The price is trading below $27,550 and the 100-hour Simple Moving Average.
- There is a major downward trend line forming near the $27,500 resistance on the hourly chart of the BTC/USD pair.
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Bitcoin price failed to initiate a new increase above the $28,000 resistance area; BTC has started a new drop and has fallen below the key support area of $27,500.
Bitcoin Price Analysis: Critical Levels
There was a clear move below the $27,400 level and the 100-hour Simple Moving Average in Bitcoin. The price even fell below $27,000 and traded near the $26,500 support. A low was formed near $26,571 and the price is currently consolidating losses.
The Bitcoin price is trading below $27,550 and the 100-hour Simple Moving Average. There is also a major downward trend line forming near the $27,500 resistance on the hourly chart of the BTC/USD pair.
The first resistance is near the $26,920 level. The next major resistance is near the $27,100 level. The stated resistance is near the 76.4% Fib retracement level of the recent drop from $27,287 to $26,571. The main resistance is near the $27,500 level.
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BTC/USD 1 Hour Price Chart
A breakout above $27,500 and a close above it could initiate a steady increase towards $28,000 for Bitcoin’s price. If the bulls manage to surpass the $28,000 resistance area, the price could be sent towards the $28,500 resistance area.
Can the Drop Continue?
If the Bitcoin price fails to surpass the $27,100 resistance, it could continue its downward movement. The first support on the downside is near the $26,550 level.
The next major support is near the $26,500 area, where the price could gain bearish momentum. In that case, the price could drop towards the $26,000 support.
Technical Indicators:
- Hourly MACD – The MACD is gaining pace in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
- Major Support Levels – $26,550, followed by $26,500.
- Major Resistance Levels – $27,100, $27,400, and $27,500.
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