Bitcoin Bears Turn The Tide As Risk of More Downsides Escalate

Bitcoin worth is sliding and buying and selling under $27,000. BTC remains to be liable to extra downsides under the $26,500 and $26,200 assist ranges.

• Bitcoin is shifting decrease and exhibiting bearish indicators under $27,000.
• The worth is buying and selling under $27,000 and the 100 hourly Easy shifting common.
• There are two bearish development traces forming with resistance close to $26,950 and $27,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might proceed to maneuver down towards the $26,000 assist within the close to time period.

Bitcoin Value Extends Losses

Bitcoin worth struggled to start out a restoration wave above the $27,500 resistance. BTC remained in a bearish zone and declined additional under the $27,000 degree.

There was a drop under the $26,800 degree and the worth examined the $26,500 assist. A low is shaped close to $26,551 and the worth is once more trying a restoration wave. There was a minor enhance above the $26,800 degree. Nevertheless, the worth remains to be going through many hurdles.

Bitcoin is now buying and selling under $27,000 and the 100 hourly Easy shifting common. There are additionally two bearish development traces forming with resistance close to $26,950 and $27,400 on the hourly chart of the BTC/USD pair.

Instant resistance is close to the $26,950 degree and the primary development line. It’s near the 23.6% Fib retracement degree of the downward transfer from the $28,284 swing excessive to the $26,551 low. The following key resistance may very well be close to the $27,400 degree and second the development line.

The second development line is close to the 50% Fib retracement degree of the downward transfer from the $28,284 swing excessive to the $26,551 low. The primary main resistance is $27,500 and the 100 hourly Easy shifting common, above which Bitcoin may take a look at $27,800.

Supply: BTCUSD on TradingView.com

The primary hurdle remains to be $28,500. An in depth above the $28,500 resistance might begin one other enhance. Within the acknowledged case, the worth might rise towards the $30,000 resistance.

Extra Losses In BTC?

If Bitcoin fails to get better larger above the $27,000 resistance, there may very well be extra losses. Instant assist on the draw back is close to the $26,650 degree.

The following main assist is close to the $26,500 degree. A draw back break and shut under the $26,500 assist may ship the worth additional decrease. The following assist sits at $26,000.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now under the 50 degree.

Main Help Ranges – $26,650, adopted by $26,500.

Main Resistance Ranges – $27,000, $27,400, and $27,500.