Blog

Bitcoin value is struggling to clear the $27,500 resistance zone. BTC is sliding and there may very well be a pointy decline towards $25,550 within the coming periods.

• Bitcoin remains to be struggling to remain above the $27,000 help zone.
• The value is buying and selling beneath $27,200 and the 100 hourly Simple transferring common.
• There was a break beneath a key bullish pattern line with help close to $27,100 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may revisit the $26,550 help and would possibly proceed to say no.

Bitcoin Price Faces Resistance

Bitcoin value began a minor upside correction from the $26,550 help zone. BTC climbed above the $27,000 resistance zone and the 100 hourly Simple transferring common.

There was a transfer above the 23.6% Fib retracement degree of the important thing decline from the $28,450 swing excessive to the $26,571 low. However, the bears had been lively close to the $27,500 resistance zone. There was no convincing transfer above the $27,350 resistance zone.

Bitcoin value stayed beneath the 50% Fib retracement degree of the important thing decline from the $28,450 swing excessive to the $26,571 low. It is now buying and selling beneath $27,200 and the 100 hourly Simple moving average.

Immediate resistance on the upside is close to the $27,200 degree and the 100 hourly Simple transferring common. The subsequent main resistance is close to the $27,350 degree. The major resistance sits close to the $27,500 degree.

Source: BTCUSD on TradingView.com

An upside break and shut above $27,500 may begin a good enhance towards $28,000. Any extra good points above the $28,000 resistance zone would possibly ship the value towards the $28,500 resistance zone. If there’s a shut above the $28,500 resistance, there may very well be a transfer towards the $30,000 resistance zone within the close to time period.

More Losses in BTC?

If Bitcoin’s value fails to clear the $27,350 resistance, it may proceed to maneuver down. Immediate help on the draw back is close to the $26,800 degree.

The subsequent main help is close to the $26,550 zone, beneath which the value would possibly begin a robust decline. In the said case, the value may drop towards the $25,500 help within the coming periods.

Technical indicators:

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

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

Major Support Levels – $26,800, adopted by $26,550.

Major Resistance Levels – $27,200, $27,350, and $27,500.