Bitcoin Price Faces Confluence of Bearish Factors And Could Decline Heavily

Bitcoin worth is consolidating above the $26,500 assist. BTC might decline closely if there’s a clear transfer beneath the $26,500 assist.

• Bitcoin remains to be struggling to remain above the $26,500 assist zone.
• The worth is buying and selling beneath $27,250 and the 100 hourly Easy shifting common.
• There’s a key bearish development line forming with resistance close to $27,220 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might appropriate increased, however upsides could be contained above the $27,500 resistance.

Bitcoin Worth Holds Help

Bitcoin worth remained in a bearish zone beneath the $27,500 resistance zone. BTC did not recuperate and began one other decline beneath $27,000.

There was a spike beneath the $26,550 assist zone however the bulls have been energetic close to $26,500. A low is fashioned close to $26,500 and the value is now consolidating losses. It’s testing the 23.6% Fib retracement stage of the primary drop from the $28,450 swing excessive to the $26,500 low.

Bitcoin worth is now buying and selling beneath $27,250 and the 100 hourly Simple moving average. There’s additionally a key bearish development line forming with resistance close to $27,220 on the hourly chart of the BTC/USD pair.

Speedy resistance on the upside is close to the $27,000 stage and the development line. The subsequent main resistance is close to the $27,500 stage and the 100 hourly Easy shifting common. It’s near the 50% Fib retracement stage of the primary drop from the $28,450 swing excessive to the $26,500 low.

Supply: BTCUSD on TradingView.com

An upside break and shut above $27,500 might begin a good enhance towards $28,000. Any extra good points above the $28,000 resistance zone may ship the value towards the $28,500 resistance zone and even $29,200.

Extra Losses in BTC?

If Bitcoin’s worth fails to clear the $27,200 resistance, it might proceed to maneuver down. Speedy assist on the draw back is close to the $26,560 stage.

The subsequent main assist is close to the $26,500 zone, beneath which the value may begin a powerful decline. Within the acknowledged case, the value might drop towards the $25,500 assist within the coming periods.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is beneath the 50 stage.

Main Help Ranges – $26,550, adopted by $26,500.

Main Resistance Ranges – $27,200, $27,400, and $27,500.