Bitcoin price is facing strong resistance near the $ 27,300 area against the US dollar. BTC could correct a decline towards $ 26,000 or $ 25,500 in the short term.
- Bitcoin appears to be struggling to achieve bullish momentum above the $ 27,300 mark.
- The price is currently trading above the $ 26,500 support and the 100 hour simple moving average.
- A major bullish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 26,650.
- The pair should continue to decline if there is a break below $ 26,600 and $ 26,500.
Bitcoin price could retest $ 26K
After Bitcoin price based above the $ 26,500 support, it surged above the $ 27,000. BTC stayed well bid above the $ 26,800 level and the 100 hour simple moving average.
There was a pause above the $ 27,200 level. The price even surged above the 50% fib retracement level of the downward move from the high of $ 28,388 to the low of $ 25,782. However, the price appears to be facing strong resistance near the $ 27,300 zone.
The 61.8% Fib retracement level of the move down from the high of $ 28,388 to the low of $ 25,782 is also acting as a strong resistance. Bitcoin price is showing some bearish values right now, but it holds the $ 26,500 support.
Source: BTCUSD on TradingView.com
A major bullish trendline is also forming on the hourly chart of the BTC / USD pair with support near USD 26,650. If there is a downside break below trendline support, the price could trade even below the USD 26,500 support. The next big support is near the $ 26,000 level.
Further losses could put the 100-hour SMA and $ 25,800 at risk. In that case, the price could potentially drop to the $ 25,200 level.
Up break at BTC?
If Bitcoin stays stable above trendline support, or $ 26,500, it could attempt an upside break. The main resistance is near the $ 27,300 zone.
A sharp break above the USD 27,300 resistance zone could open the doors to a bigger move higher. If so, the price could move towards the $ 28,000 resistance. The next major hurdle is at $ 28,200 and $ 28,400.
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently dropping to the 40 level.
Major Support Levels – $ 26,500, followed by $ 26,000.
Main Resistance Levels – $ 27,300, $ 28,000, and $ 28,400.