Bitcoin prices are working hard to recover above the resistance level of $26650. If BTC remains below the resistance level of $26650, it may start another decline
Bitcoin prices are working hard to recover above the resistance level of $26650. If BTC remains below the resistance level of $26650, it may start another decline.
- Bitcoin is consolidating below the resistance levels of $26600 and $26650.
- The price is below $26650 and the 100 hour simple moving average.
- On the hourly chart of the BTC/USD currency pair (data from Kraken), there is a major bearish trend line forming, with resistance level around $26640.
- If the resistance level of $26650 is significantly exceeded, the currency pair may rebound.
Bitcoin prices face obstacles
Bitcoin prices are still in a bearish zone below the resistance level of $27500. BTC continued its decline, trading below $26000. Before the price began to correct upwards, the low point formed around $25865.
The price has risen above $26200. The price traded above the 23.6% Fibonacci retracement level, which moved down from a fluctuating high of $27512 to a low of $25865. However, the price faces many obstacles around $26650.
Bitcoin prices are currently consolidating below the resistance levels of $26600 and $26650. On the hourly chart of the BTC/USD currency pair, there is also a main bearish trend line formed, with resistance level around $26640.
The direct resistance level for the upward trend is around $26550. The next major resistance level is around $26650 or a 50% Fibonacci pullback level that moves down from the swinging high of $27512 to the low of $25865. A resistance zone with a closing price above $26650 may push the price towards a resistance zone of $27200.
The next key resistance level is around $27550, above which the price may rise to the resistance level of $28000. Any further increase could push the price towards the resistance level of $28200.
New decline in BTC?
If the price of Bitcoin fails to clear the resistance level of $26650, it may start another decline. The direct support level for the downward trend is around $26200.
The next major support level is around the $26000 area, and prices below that area may return to the previous band low of $25865. Any further losses could bring Bitcoin to a level of $25000 in the short term.
Technical indicators:
Hourly MACD - MACD is now losing pace in bullish areas.
Hourly RSI (Relative strength index) - The RSI of BTC/USD is now higher than 40.
The main support level is $26200, followed by $26000.
Main resistance levels - $26550, $26650, and $27200.
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