Bitcoin prices are declining, trading below $27000. BTC still faces further downside risks below the support levels of $26500 and $26200
Bitcoin prices are declining, trading below $27000. BTC still faces further downside risks below the support levels of $26500 and $26200.
- Bitcoin is declining and showing bearish signs below $27000.
- The transaction price is below $27000 and the 100 hour simple moving average.
- There are two bearish trend lines on the hourly chart of the BTC/USD currency pair, with resistance levels around $26950 and $27400 (data from Kraken).
- In the short term, the currency pair may continue to fall to the support level of $26000.
Bitcoin Price Expansion Loss
It is difficult for Bitcoin prices to initiate a wave of recovery above the resistance level of $27500. BTC is still in a bearish zone and has further fallen below the $27000 level.
The price fell below the $26800 level and tested the $26500 support level. A low point was formed near $26551, and prices attempted a wave of recovery again. Slightly above the $26800 level. However, prices still face many obstacles.
The current transaction price of Bitcoin is below $27000 and the 100 hour simple moving average. There are also two bearish trend lines on the hourly chart of the BTC/USD currency pair, with resistance levels around $26950 and $27400.
Direct resistance is located near the $26950 level and the first trend line. It is close to the 23.6% Fib retracement level of the downward trend from the fluctuating high of $28284 to the low of $26551. The next key resistance level may be near the $27400 level and the second trend line.
The second trend line is located near the 50% Fib retracement level of the downward trend from the high point of $28284 volatility to the low point of $26551. The first major resistance level is $27500 and the 100 hour simple moving average, above which Bitcoin may test $27800.
The main obstacle remains $28500. Closing above the resistance level of $28500 may trigger another rise. In the above situation, the price may rise to the resistance level of $30000.
Bitcoin loses more?
If Bitcoin fails to recover above the resistance level of $27000, there may be more losses. The direct support for the downward trend is around $26650.
The next major support level is around $26500. Breaking through the downward trend and closing below the support level of $26500 may lead to further price declines. The next support level is $26000.
Technical indicators:
Hourly MACD - MACD is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is currently below the 50 level.
The main support level is $26650, followed by $26500.
Main resistance levels - $27000, $27400, and $27500.
The market is constantly changing. If you want to stay together for warmth or have any doubts, please feel free to leave a message.
Thank you for reading. Friends who like it can follow me
#Ethereum # # Cryptocurrency # # BTC#
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
