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Bitcoin value is struggling to rise above the $27,800 resistance zone. BTC might prolong its decline if there’s a clear transfer under the $27,200 assist zone.

• Bitcoin is struggling to start out a recent enhance above the $27,800 resistance zone.
• The value is buying and selling under $27,700 and the 100 hourly Simple transferring common.
• There was a break under a key rising channel with assist close to $27,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin one other decline if there’s a shut under the $27,200 assist.

Bitcoin Price Faces Uphill Task

Bitcoin value tried a recent enhance from the $27,200 support zone after a draw back correction. BTC managed to get better above the $27,500 resistance zone.

The value climbed above the 50% Fib retracement stage of the downward transfer from the $28,565 swing excessive to the $27,189 low. However, the bears remained energetic close to the $28,000 resistance zone. The value struggled to settle above the $27,850 stage.

Bitcoin obtained rejected close to the 61.8% Fib retracement stage of the downward transfer from the $28,565 swing excessive to the $27,189 low. It noticed a recent decline under $27,500.

Besides, there was a break under a key rising channel with assist close to $27,650 on the hourly chart of the BTC/USD pair. The bulls are actually defending the $27,200 assist zone. It is buying and selling under $27,700 and the 100 hourly Simple moving average.

Source: BTCUSD on TradingView.com

Immediate resistance on the upside is close to the $27,650 stage. The subsequent key resistance could possibly be close to the $28,000 stage. A detailed above the $28,000 resistance might begin one other enhance. In the said case, the worth might rise towards the $28,500 resistance. Any extra good points would possibly name for a transfer towards the $29,200 stage.

More Losses In BTC?

If Bitcoin fails to proceed larger above the $27,800 resistance, there could possibly be extra losses. Immediate assist on the draw back is close to the $27,400 stage.

The subsequent main assist is close to the $27,200 stage. A draw back break and shut under the $27,200 stage would possibly push the worth additional decrease towards $26,800 within the close to time period. The subsequent assist sits at $26,200.

Technical indicators:

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

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

Major Support Levels – $27,400, adopted by $27,200.

Major Resistance Levels – $27,800, $28,000, and $28,500.