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Bitcoin price is consolidating above the $26,000 support. If BTC holds below $27,400 for a long period of time, it could start declining again.
- Bitcoin is struggling to gain momentum above the $27,400 resistance.
- The price is trading near the $26,500 and 100 hourly simple moving averages.
- There was a break above a declining channel with resistance near $26,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to decline again if it breaks below the $26,000 support area.
bitcoin price faces resistance
Bitcoin price remained stable above the $26,000 level. BTC traded as low as $26,139 and recently started an upward correction. It was able to climb above the $26,250 level.
There was a move downward from the 23.6% Fibonacci retracement level of the $27,387 high to $26,139 low. Besides, there was a break above a declining channel 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 is facing resistance near the $26,750 level. It is close to the 50% Fib retracement level of the decline from the $27,387 high to $26,139 low.
A clear move above the $26,750 resistance could start a decent rise. The next major resistance is near the $27,000 level. A close above $27,000 could push the price higher.
Source: BTCUSD on TradingView.com
The next major resistance is near the $27,400 level. A clear move above the $27,400 resistance could call for a move towards the $27,500 resistance. Any further gains above the $27,500 resistance area could send the price towards the $28,500 resistance area.
Fresh decline in BTC?
If bitcoin price fails to overcome the $27,000 resistance, it could continue to move lower. Another fall. On the downside, an immediate support is near the $26,140 level.
The next major support is near the $25,850 level, below which the price is likely to accelerate higher. In the mentioned case, the price could decline towards the $25,400 support in the near term.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is near the 50 level.
Key Support Levels – $26,140, followed by $25,840.
Key Resistance Levels – $26,750, $27,000, and $27,400.
