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Bitcoin value is consolidating above the $26,550 degree. BTC might right larger, however upsides is likely to be capped close to the $27,400 and $27,500 resistance ranges.
- Bitcoin is discovering bids close to the $26,550 degree.
- The value is buying and selling under $27,200 and the 100 hourly Simple transferring common.
- There is a key bearish pattern line forming with resistance close to $26,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might right larger, however the bears may stay energetic close to the $27,500 zone.
Bitcoin Price Holds Support
Bitcoin value began a fresh decline from the $27,500 resistance. BTC traded under the $27,000 degree to enter a bearish zone. Finally, the bulls appeared above the $26,500 help.
The value remained well-bid close to the $26,550 degree. The bears made two makes an attempt to push the worth under $26,550, however they failed. A low is shaped close to $26,551 and the worth is now consolidating losses under the 23.6% Fib retracement degree of the downward transfer from the $28,285 swing excessive to the $26,551 low.
Bitcoin is now buying and selling under $27,200 and the 100 hourly Simple moving average. There can be a key bearish pattern line forming with resistance close to $26,200 on the hourly chart of the BTC/USD pair.
Immediate resistance is close to the $26,950 degree. The first main resistance is $27,200 and the 100 hourly Simple transferring common. The subsequent key resistance may very well be $27,400 and the pattern line. It is near the 50% Fib retracement degree of the downward transfer from the $28,285 swing excessive to the $26,551 low.
Source: BTCUSD on TradingView.com
An in depth above the $27,500 resistance may begin a gentle improve towards the $28,000 degree. The primary hurdle continues to be $28,500, above which the worth might begin one other improve. In the acknowledged case, the worth might rise towards the $30,000 resistance.
More Losses In BTC?
If Bitcoin fails to recuperate larger above the $27,200 resistance, there may very well be extra losses. Immediate help on the draw back is close to the $26,550 degree.
The subsequent main help is close to the $26,500 degree. A draw back break and shut under the $26,500 help may ship the worth additional decrease. The subsequent help sits at $26,000.
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 above the 50 degree.
Major Support Levels – $26,550, adopted by $26,500.
Major Resistance Levels – $27,200, $27,400, and $27,500.
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