Bitcoin price is trying to recover above the $26,650 resistance. BTC may start another decline if it stays below the $26,650 resistance zone.
- Bitcoin is consolidating below the $26,600 and $26,650 resistance levels.
- The price is trading below $26,650 and the 100 hourly simple moving average.
- A major bearish trendline is forming with resistance near $26,640 on the hourly chart of the BTC/USD pair (data source from Kraken).
- The pair could recover if there is a clear move above the $26,650 resistance.
The price of Bitcoin is facing an obstacle
The price of bitcoin remained va bearish zone below the $27,500 resistance zone. BTC extended its decline, trading below the $26,000 level. A low was formed near $25,865 before the price started an upward correction.
There was a move above the $26,200 level. The price is trading above the 23.6% Fib retracement level of the downside move from the $27,512 swing high to the $25,865 low. However, the price faces many obstacles near $26,650.
Bitcoin price is now consolidating below the $26,600 and $26,650 resistance levels. A major bearish trendline is also forming on the hourly chart of the BTC/USD pair with resistance near $26,640.
Immediate resistance on the upside is near the $26,550 level. Another major resistance is located near the $26,650 level or the 50% Fib retracement level of the downward move from the $27,512 high to the $25,865 low. A close above the $26,650 resistance zone could send the price towards the $27,200 resistance zone.
Source: BTCUSD on TradingView.com
Another key resistance is near $27,550, above which the price could rise towards Resistance $28,000. Any further gains could send the price towards the $28,200 resistance level.
Another BTC decline?
If the Bitcoin price fails to clear the $26,650 resistance, it could start another decline. Immediate downside support is near the $26,200 level.
Another major support is near the $26,000 zone, below which the price could re-enter the last swing at $25,865. Any further losses could push Bitcoin towards the $25,000 level in the near term.
Technical indicators:
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 40 level.
Major support levels – $26,200, followed by $26,000.
Major resistance levels – $26,550, $26,650 and $27,200.
