Bitcoin price is falling again after the USD 27,500 resistance. BTC could extend its decline and revisit the USD 25,400 support zone.
- Bitcoin started a downward correction after failing to overcome the USD 27,500 resistance.
- The price is trading below $27,000 and the 100 hourly Simple Moving Average.
- There was a break below a major bullish trendline with support near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now at risk of more negative points below the USD 26,350 level.
Bitcoin price revisits support
Bitcoin price started a downward correction after it failed to clear the USD 27,500 resistance. BTC traded below the USD 27,000 and USD 26,800 support levels and entered a bearish zone.
Moreover, there was a break below a major bullish trendline with support near $26,800 on the hourly chart of the BTC/USD pair. The pair retested the USD 26,350 support zone and is currently consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.
Bitcoin is now trading below $27,000 and the 100 hourly Simple Moving Average. The immediate resistance on the upside is near the $26,800 level. The first major resistance is near the $27,000 zone, a connecting bearish trendline, and the 50% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.
Source: BTCUSD on TradingView.com
The next major resistance could be near the USD 27,050 level, above which the price could gain bullish momentum. In the mentioned case, the price could even rise towards the USD 27,500 resistance. Any further gains could require a move towards the $28,800 level in the coming days.
Lose more in BTC?
If Bitcoin fails to start a new rise above the $27,000 resistance, it could continue to decline. The immediate downside support is near the USD 26,350 level.
The next major support is near the $26,200 level. A downside break and a close below the $26,200 level could lead to more bearish moves and the price could fall towards the next support at $25,400.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 26,350, followed by USD 26,200.
Major resistance levels – $27,000, $27,050 and $27,500.