Blog

Bitcoin worth is struggling to clear the $27,500 resistance. BTC is slowly shifting decrease and would possibly revisit the $26,200 help zone within the coming periods.

• Bitcoin remains to be struggling to clear the $27,500 resistance.
• The worth is buying and selling above $26,800 and the 100 hourly Simple shifting common.
• There is a key bullish development line forming with help close to $26,810 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin a bearish wave under $26,800 if it continues to battle under $27,500.

Bitcoin Price Faces Rejection

Bitcoin worth made a few makes an attempt to achieve energy for a transfer above the $27,500 resistance zone. However, BTC did not proceed greater and slowly moved decrease after the Fed rate of interest resolution.

The Fed saved the charges regular at 5.5% and it didn’t impression Bitcoin a lot. The worth is now shifting decrease under the $27,200 stage. There was a break under the 50% Fib retracement stage of the upward transfer from the $26,656 swing low to the $27,495 excessive.

Bitcoin is now buying and selling above $26,800 and the 100 hourly Simple shifting common. There can also be a key bullish development line forming with help close to $26,810 on the hourly chart of the BTC/USD pair.

If the worth stays steady above the development line, it might rise once more. Immediate resistance on the upside is close to the $27,280 stage. The first main resistance is close to the $27,500 zone, above which the price could gain bullish momentum.

Source: BTCUSD on TradingView.com

The subsequent key resistance could possibly be close to the $28,200 stage. A detailed above the $28,200 resistance might push the worth towards the $29,500 resistance. Any extra features would possibly name for a transfer towards the $30,000 stage within the coming days.

Downside Break In BTC?

If Bitcoin fails to start out a contemporary improve above the $27,280 resistance, it might proceed to maneuver down. Immediate help on the draw back is close to the $26,855 stage or the 76.4% Fib retracement stage of the upward transfer from the $26,656 swing low to the $27,495 excessive.

The subsequent main help is close to the $26,800 stage and the development line. A draw back break and shut under the $26,800 stage would possibly spark extra bearish strikes and the worth might decline towards the subsequent help at $26,200.

Technical indicators:

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

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

Major Support Levels – $26,800, adopted by $26,200.

Major Resistance Levels – $27,280, $27,500, and $28,200.