Bitcoin price is facing a strong resistance near the USD 27,300 area against the US dollar. BTC could correct lower to $ 26,000 or $ 25,500 in the near term.
- Bitcoin appears to be struggling to gain bullish momentum above the USD 27,300 mark.
- The price is currently trading above the USD 26,500 support and the 100-hour easy moving average.
- A major bullish trendline is forming with support near USD 26,650 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair is likely to stay lower if there is a break below USD 26,600 and USD 26,500.
Bitcoin price could retest $ 26K
After forming a base above the $ 26,500 support, bitcoin price climbed above USD 27,000. BTC continued to bid well above the USD 26,800 level and the 100 easy hourly moving average.
There was a break above the USD 27,200 level. The price even spiked above the 50% Fib retracement level from the downward move from the $ 28,388 swing high to $ 25,782 low. However, the price appears to be facing a strong resistance near the USD 27,300 zone.
The 61.8% Fib retracement level of the downward move from the $ 28,388 swing high to $ 25,782 low is also acting as a strong resistance. Bitcoin price is currently showing a few bearish but it is holding onto the USD 26,500 support.
Source: BTCUSD on TradingView.com
A major bullish trendline is also forming with support near USD 26,650 on the hourly chart of the BTC / USD pair. If there is a downside break below the trendline support, the price may even trade below the USD 26,500 support. The next big support is near the USD 26,000 level.
Even more losses could put the 100 hourly SMA and $ 25,800 at risk. In the case mentioned, the price may drop towards the USD 25,200 level.
Upside down in BTC?
If bitcoin remains stable above the trendline support or USD 26,500, it could attempt an upward break. The main resistance is near the USD 27,300 zone.
A clear break above the USD 27,300 resistance zone could open the doors for one greater increase. In the case mentioned, the price could rise towards the USD 28,000 resistance. The next major hurdle is USD 28,200 and USD 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 falling to the 40 level.
Key Support Levels – USD 26,500, followed by USD 26,000.
Key Resistance Levels – USD 27,300, USD 28,000 and USD 28,400.