Bitcoin price is struggling below the USD 26,500 resistance. BTC could accelerate if a close below the $26,000 support occurs in the near term.
- Bitcoin is struggling and is trading well below the $27,500 resistance.
- The price is trading below $26,500 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $26,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could resume its decline unless there is a close above the $26,500 level.
Bitcoin price faces hurdles
Bitcoin price started a new decline below the USD 26,800 level. BTC traded below the USD 26,500 and USD 26,200 support levels and entered a negative zone.
Ultimately, the pair tested $26,000 and a low was formed near $26,026. Recently, the price started a small recovery wave above the USD 26,200 level. The price climbed above the 23.6% Fib retracement level from the recent decline from the $26,712 swing high to the $26,026 low.
However, the bears are protecting a break above the resistance at $26,500. The price is struggling to break the 50% Fib retracement level from the recent decline from the $26,712 swing high to the $26,026 low.
Bitcoin is now trading below $26,500 and the 100 hourly Simple Moving Average. The immediate resistance on the upside is near the $26,400 level. There is also a major bearish trendline forming with resistance around $26,420 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The next major resistance could be near the $26,500 level, above which the price could gain bullish momentum. In the mentioned case, the price could rise towards the USD 27,000 resistance. Further gains could require a move towards the $27,500 level.
Lose more in BTC?
If Bitcoin fails to start a new rise above the USD 26,500 resistance, it could continue falling. The immediate downside support is near the USD 26,150 level.
The next major support is near the USD 26,000 level. A downside break and a close below the $26,000 level could trigger another big decline, perhaps towards the next support at $25,400. Any further losses could require a $25,000 test.
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 26,150, followed by USD 26,000.
Major resistance levels – $26,400, $26,500 and $27,000.