Analysis

Bitcoin Price Holds Ground But Upsides Turned Attractive To Bears

Bitcoin worth is consolidating above the $26,550 degree. BTC may appropriate increased, however upsides could be capped close to the $27,400 and $27,500 resistance ranges.

  • Bitcoin is discovering bids close to the $26,550 degree.
  • The worth is buying and selling beneath $27,200 and the 100 hourly Easy shifting common.
  • There’s a key bearish pattern line forming with resistance close to $26,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may appropriate increased, however the bears would possibly stay energetic close to the $27,500 zone.

Bitcoin Value Holds Assist

Bitcoin worth began a contemporary decline from the $27,500 resistance. BTC traded beneath the $27,000 degree to enter a bearish zone. Lastly, the bulls appeared above the $26,500 assist.

The worth remained well-bid close to the $26,550 degree. The bears made two makes an attempt to push the worth beneath $26,550, however they failed. A low is fashioned close to $26,551 and the worth is now consolidating losses beneath the 23.6% Fib retracement degree of the downward transfer from the $28,285 swing excessive to the $26,551 low.

Bitcoin is now buying and selling beneath $27,200 and the 100 hourly Easy shifting common. There may be additionally a key bearish pattern line forming with resistance close to $26,200 on the hourly chart of the BTC/USD pair.

Speedy resistance is close to the $26,950 degree. The primary main resistance is $27,200 and the 100 hourly Easy shifting common. The subsequent key resistance might be $27,400 and the pattern line. It’s near the 50% Fib retracement degree of the downward transfer from the $28,285 swing excessive to the $26,551 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

A detailed above the $27,500 resistance would possibly begin a gentle improve towards the $28,000 degree. The primary hurdle remains to be $28,500, above which the worth may begin one other improve. Within the acknowledged case, the worth may rise towards the $30,000 resistance.

Extra Losses In BTC?

If Bitcoin fails to recuperate increased above the $27,200 resistance, there might be extra losses. Speedy assist on the draw back is close to the $26,550 degree.

The subsequent main assist is close to the $26,500 degree. A draw back break and shut beneath the $26,500 assist would possibly ship the worth additional decrease. The subsequent assist sits at $26,000.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.

Main Assist Ranges – $26,550, adopted by $26,500.

Main Resistance Ranges – $27,200, $27,400, and $27,500.

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