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Bitcoin worth is consolidating above the $26,500 help. BTC may decline closely if there’s a clear transfer under the $26,500 help.

• Bitcoin remains to be struggling to remain above the $26,500 help zone.
• The worth is buying and selling under $27,250 and the 100 hourly Simple transferring common.
• There is a key bearish pattern line forming with resistance close to $27,220 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may appropriate greater, however upsides could be contained above the $27,500 resistance.

Bitcoin Price Holds Support

Bitcoin worth remained in a bearish zone under the $27,500 resistance zone. BTC did not get better and began one other decline under $27,000.

There was a spike under the $26,550 help zone however the bulls have been energetic close to $26,500. A low is shaped close to $26,500 and the worth is now consolidating losses. It is testing the 23.6% Fib retracement degree of the primary drop from the $28,450 swing excessive to the $26,500 low.

Bitcoin worth is now buying and selling under $27,250 and the 100 hourly Simple moving average. There can be a key bearish pattern line forming with resistance close to $27,220 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is close to the $27,000 degree and the pattern line. The subsequent main resistance is close to the $27,500 degree and the 100 hourly Simple transferring common. It is near the 50% Fib retracement degree of the primary drop from the $28,450 swing excessive to the $26,500 low.

Source: BTCUSD on TradingView.com

An upside break and shut above $27,500 may begin a good enhance towards $28,000. Any extra positive factors above the $28,000 resistance zone may ship the worth towards the $28,500 resistance zone and even $29,200.

More Losses in BTC?

If Bitcoin’s worth fails to clear the $27,200 resistance, it may proceed to maneuver down. Immediate help on the draw back is close to the $26,560 degree.

The subsequent main help is close to the $26,500 zone, under which the worth may begin a powerful decline. In the said case, the worth may drop towards the $25,500 help within the coming periods.

Technical indicators:

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

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

Major Support Levels – $26,550, adopted by $26,500.

Major Resistance Levels – $27,200, $27,400, and $27,500.