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Bitcoin value is sliding and buying and selling beneath $27,000. BTC remains to be in danger of extra downsides beneath the $26,500 and $26,200 assist ranges.

• Bitcoin is transferring decrease and displaying bearish indicators beneath $27,000.
• The value is buying and selling beneath $27,000 and the 100 hourly Simple transferring common.
• There are two bearish development strains forming with resistance close to $26,950 and $27,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may proceed to maneuver down towards the $26,000 assist within the close to time period.

Bitcoin Price Extends Losses

Bitcoin value struggled to start out a restoration wave above the $27,500 resistance. BTC remained in a bearish zone and declined additional beneath the $27,000 stage.

There was a drop beneath the $26,800 stage and the worth examined the $26,500 assist. A low is shaped close to $26,551 and the worth is once more making an attempt a restoration wave. There was a minor improve above the $26,800 stage. However, the worth remains to be dealing with many hurdles.

Bitcoin is now buying and selling beneath $27,000 and the 100 hourly Simple moving average. There are additionally two bearish development strains forming with resistance close to $26,950 and $27,400 on the hourly chart of the BTC/USD pair.

Immediate resistance is close to the $26,950 stage and the primary development line. It is near the 23.6% Fib retracement stage of the downward transfer from the $28,284 swing excessive to the $26,551 low. The subsequent key resistance might be close to the $27,400 stage and second the development line.

The second development line is close to the 50% Fib retracement stage of the downward transfer from the $28,284 swing excessive to the $26,551 low. The first main resistance is $27,500 and the 100 hourly Simple transferring common, above which Bitcoin would possibly check $27,800.

Source: BTCUSD on TradingView.com

The most important hurdle remains to be $28,500. A detailed above the $28,500 resistance may begin one other improve. In the said case, the worth may rise towards the $30,000 resistance.

More Losses In BTC?

If Bitcoin fails to get better increased above the $27,000 resistance, there might be extra losses. Immediate assist on the draw back is close to the $26,650 stage.

The subsequent main assist is close to the $26,500 stage. A draw back break and shut beneath the $26,500 assist would possibly ship the worth additional decrease. The subsequent assist sits at $26,000.

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 now beneath the 50 stage.

Major Support Levels – $26,650, adopted by $26,500.

Major Resistance Levels – $27,000, $27,400, and $27,500.