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Bitcoin worth continues to be consolidating above $25,500. BTC would possibly try an upside correction, however upsides may be restricted above the $26,200 resistance.

• Bitcoin continues to be buying and selling in a variety above the $25,500 help zone.
• The worth is buying and selling beneath $26,000 and the 100 hourly Simple transferring common.
• There is a key bearish development line forming with resistance close to $25,950 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may try and recuperate however the bears would possibly stay energetic close to $26,200.

Bitcoin Price Stuck In Range

Bitcoin worth made one other try and clear the $26,000 resistance zone. However, BTC failed to realize power for a transfer above the $26,000 and $26,200 ranges.

As a end result, there was a recent bearish response and the worth declined beneath the $25,650 stage. The bulls managed to guard the $25,350 help and the worth climbed again above $25,500. It is now buying and selling beneath $26,000 and the 100 hourly Simple transferring common.

Besides, there’s a key bearish trend line forming with resistance close to $25,950 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is close to the $26,000 stage and the development line. It is near the 23.6% Fib retracement stage of the important thing drop from the $28,150 swing excessive to the $25,333 low.

The first main resistance is close to the $26,200 stage. A correct shut above the $26,200 stage would possibly begin an upside correction towards $26,750. It is near the 50% Fib retracement stage of the important thing drop from the $28,150 swing excessive to the $25,333 low.

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to $27,000, above which the bulls try a gradual improve. In the acknowledged case, the worth may check the $28,000 stage.

Another Drop In BTC?

If Bitcoin fails to clear the $26,000 resistance, it may proceed to maneuver down. Immediate help on the draw back is close to the $25,500 stage.

The subsequent main help is close to the $25,350 stage. A draw back break and shut beneath the $25,350 stage would possibly improve promoting strain. In the acknowledged case, the worth may drop towards $24,500 and even $24,000.

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 now above the 50 stage.

Major Support Levels – $25,500, adopted by $25,350.

Major Resistance Levels – $25,950, $26,000, and $26,200.