Analysis

Bitcoin Price Holds Support But Bears Are Still In Control

Bitcoin worth is holding the important thing $26,550 assist zone. BTC may begin a serious decline if there’s a shut under $26,550 and $26,400.

  • Bitcoin began one other decline and traded under the $26,850 degree.
  • The worth is buying and selling under $27,000 and the 100 hourly Easy shifting common.
  • There’s a main bearish development line forming with resistance close to $27,120 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may acquire bearish momentum if there’s a day by day shut under $26,550.

Bitcoin Worth Stays In A Vary

Bitcoin worth began a recent decline under the $27,000 degree. BTC traded under the $26,800 assist zone and trimmed most of its beneficial properties. Nonetheless, the bulls had been energetic close to the $26,550 assist.

A low is fashioned close to $26,536 and the worth is now consolidating losses. It’s clearly exhibiting bearish indicators under $27,000 and the 100 hourly Easy shifting common. There may be additionally a serious bearish development line forming with resistance close to $27,120 on the hourly chart of the BTC/USD pair.

Bitcoin worth is now dealing with resistance close to the $26,720 degree. It’s near the 23.6% Fib retracement degree of the latest decline from the $27,268 swing excessive to the $26,536 low.

The subsequent main resistance is close to the $27,000 degree and the 100 hourly Easy shifting common. It’s near the 61.8% Fib retracement degree of the latest decline from the $27,268 swing excessive to the $26,536 low. The primary main resistance is close to the development line.

Bitcoin Price

Supply: BTCUSD on TradingView.com

An in depth above the $27,120 resistance would possibly scale back promoting stress. The subsequent key resistance is close to $27,550, above which the worth would possibly begin a good enhance towards the $28,000 resistance. Any extra beneficial properties would possibly ship the worth towards the $28,500 degree.

Extra Losses in BTC?

If Bitcoin’s worth fails to clear the $27,120 resistance, it may proceed to maneuver down. Rapid assist on the draw back is close to the $26,550 degree.

The subsequent main assist is close to the $26,350 zone, under which the worth would possibly acquire bearish momentum. Within the acknowledged case, it may take a look at the $25,800 degree. Any extra losses would possibly take Bitcoin towards the $25,500 degree within the close to time period.

Technical indicators:

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

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

Main Assist Ranges – $26,550, adopted by $26,350.

Main Resistance Ranges – $27,000, $27,120, and $27,500.

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