Bitcoin price is struggling to recover above the $26,500 level. BTC could gain bearish momentum if there is a move below the $25,600 support.
- Bitcoin is struggling to recover above the $26,500 resistance zone.
- The price is trading below $26,400 and the 100 hourly Simple moving average.
- There was a break below a connecting bullish trend line with support near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down if there is a break below the $25,600 support.
Bitcoin Price Aims Lower
Bitcoin price attempted a recovery wave above the $26,000 resistance zone. BTC climbed above $26,200 but struggled to continue higher.
It formed a top near the $26,500 zone and recently started a fresh decline. There was a move below the $26,200 level. Besides, there was a break below a connecting bullish trend line with support near $26,000 on the hourly chart of the BTC/USD pair.
Bitcoin tested the 50% Fib retracement level of the recovery wave from the $24,800 swing low to the $26,981 high. It is now trading below $26,400 and the 100 hourly Simple moving average.
Immediate resistance is near the $26,100 level and the 100 hourly Simple moving average. The next major resistance is near $26,250. A clear move above the $26,250 resistance might send the price toward the $26,500 resistance zone.
Source: BTCUSD on TradingView.com
The main breakout zone is now forming near the $27,000 zone. A close above the $27,000 resistance could start a decent increase toward the $27,550 resistance zone. Any more gains might set the pace for a larger increase toward $28,150.
Another Decline In BTC?
If Bitcoin fails to clear the $26,250 resistance, it could continue to move down. Immediate support on the downside is near the $25,900 zone.
The next major support is near the $25,600 level or the 61.8% Fib retracement level of the recovery wave from the $24,800 swing low to the $26,981 high. A downside break below the $25,600 level might push the price further into a bearish zone. In the stated case, the price could drop toward $25,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $25,900, followed by $25,600.
Major Resistance Levels – $26,250, $26,500, and $27,000.
Aayush Jindal
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services.
Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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