Bitcoin price consolidates above $26,000 Support. BTC may start another decline if it remains below $27,400 for a long time.
Bitcoin is struggling to gain speed to move above the $27,400 resistance.
The price is trading near $26,500 and the 100 hourly Simple Moving Average.
There was a break above a descending area with resistance near $26,420 on the hourly chart of the BTC/USD pair (data feed from Binance).
The pair could fall again if there is a move below the $26,000 Support zone.
Bitcoin Price Faces Match
Bitcoin price remains stable above the $26,000 level. BTC traded as low as $26,139 and recently started an upward correction. It could rise above the $26,250 level.
There was a move above the 23.6% Fib retracement level of the downward move from the swing high of $27,387 to the low of $26,139. Additionally, there was a break above the descending area with resistance near $26,420 on the hourly chart of the BTC/USD pair
Bitcoin price is now trading near $26,500 and the 100 hourly Simple Moving Average. It appears to be facing resistance near the $26,750 level. It is close to the 50% Fib retracement level of the downside move from the $27,387 swing high to $26,139 low.
A clear move above the $26,750 resistance might initiate a decent increase. The next major resistance is near the $27,000 level. A close above $27,000 might send prices higher.
The next key resistance is near the $27,400 level. A clear move above the $27,400 resistance may require a move towards the $27,500 resistance. A further rise above the $27,500 resistance zone could send the price to the $28,500 resistance zone.
New Drop in BTC?
If Bitcoin price fails to cross the $27,000 resistance, Bitcoin may continue to move down. another decline. Immediate support on the downside is near the $26,140 level.
The next major support point is near the $25,850 level, below which the price could advance lower. In the mentioned case, the price could fall towards the $25,400 support in the near term.
Technical indicators:
Hourly MACD â MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) â The RSI for BTC/USD is approaching the 50 level.
Main Support Level â $26,140, ââfollowed by $25,840.
Key Resistance Levels â $26,750, $27,000, and $27,400.
NOTE: This article does not contain investment advice or recommendations. Every investment and trading step involves risk, and readers should do their own research when making decisions.
