- Bitcoin is still struggling to stay above the $26,500 support level.
- The price is trading below $27,250 and below the hourly 100 Simple Moving Average.
- On the hourly chart, there is a clear downward trend line with resistance around $27,220 for the BTC/USD pair.
The price of Bitcoin is consolidating above the $26,500 support level. If there is a clear move below this support level, BTC could experience a serious decline.
Bitcoin Price Above $27,000 Again
The price of Bitcoin remained in a downward trend below the $27,500 resistance level. BTC failed to recover and fell below $27,000 again.
There was a rise in the support area of $26,550. A low was formed around $26,500 and the price is currently consolidating losses. The main decline is testing the 23.6% Fib retracement level of the move from the high of $28,450 to the low of $26,500.
Bitcoin price is currently trading below $27,250 and below the 100 hourly Simple Moving Average. The BTC/USD pair has an important downward trend line around $27,220 on the hourly chart.
The next major resistance level is around $27,500 and is close to the 100 hourly Simple Moving Average. This level is near the 50% Fib retracement level of the main decline from the high of $28,450 to the low of $26,500.
BTC/USD 1 Hour Price Chart
A rise and close above $27,500 could start a good increase towards $28,000. Further gains above the $28,000 resistance zone could lead the price towards the $28,500 resistance zone or even $29,200.
Could the Decline Deepen?
If the price of Bitcoin cannot surpass the $27,200 resistance, it could continue to fall. The next support level is around $26,560.
The next major support level is near the $26,500 area, and if the price falls below this level, it could start a strong decline. In this case, the price could fall to the $25,500 support level in the next sessions.
Technical indicators:
- Hourly MACD – The MACD is losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
- Important Support Levels – $26,550, followed by $26,500.
- Important Resistance Levels – $27,200, $27,400, and $27,500.
