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Bitcoin value is struggling to get well above the $26,650 resistance. BTC may begin one other decline if it stays beneath the $26,650 resistance zone.

• Bitcoin is consolidating beneath the $26,600 and $26,650 resistance ranges.
• The value is buying and selling beneath $26,650 and the 100 hourly Simple transferring common.
• There is a serious bearish development line forming with resistance close to $26,640 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may get well if there’s a clear transfer above the $26,650 resistance.

Bitcoin Price Faces Hurdle

Bitcoin value remained in a bearish zone below the $27,500 resistance zone. BTC prolonged its decline and traded beneath the $26,000 degree. A low was fashioned close to $25,865 earlier than the value began an upside correction.

There was a transfer above the $26,200 degree. The value is buying and selling above the 23.6% Fib retracement degree of the downward transfer from the $27,512 swing excessive to the $25,865 low. However, the value is going through many hurdles close to $26,650.

Bitcoin value is now consolidating beneath the $26,600 and $26,650 resistance ranges. There can be a serious bearish development line forming with resistance close to $26,640 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is close to the $26,550 degree. The subsequent main resistance is close to the $26,650 degree or the 50% Fib retracement degree of the downward transfer from the $27,512 swing excessive to the $25,865 low. An in depth above the $26,650 resistance zone may ship the value towards the $27,200 resistance zone.

Source: BTCUSD on TradingView.com

The subsequent key resistance is close to $27,550, above which the value may rise towards the $28,000 resistance. Any extra features may ship the value towards the $28,200 resistance degree.

Fresh Decline in BTC?

If Bitcoin’s value fails to clear the $26,650 resistance, it may begin one other decline. Immediate help on the draw back is close to the $26,200 degree.

The subsequent main help is close to the $26,000 zone, beneath which the value may revisit the final swing low at $25,865. Any extra losses may take Bitcoin towards the $25,000 degree within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 40 degree.

Major Support Levels – $26,200, adopted by $26,000.

Major Resistance Levels – $26,550, $26,650, and $27,200.