Bitcoin Price Holds Ground But Upsides Turned Attractive To Bears

Bitcoin worth is consolidating above the $26,550 stage. BTC may right larger, however upsides is perhaps capped close to the $27,400 and $27,500 resistance ranges.

• Bitcoin is discovering bids close to the $26,550 stage.
• The worth is buying and selling under $27,200 and the 100 hourly Easy shifting common.
• There’s a key bearish development line forming with resistance close to $26,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may right larger, however the bears would possibly stay lively close to the $27,500 zone.

Bitcoin Worth Holds Assist

Bitcoin worth began a recent decline from the $27,500 resistance. BTC traded under the $27,000 stage to enter a bearish zone. Lastly, the bulls appeared above the $26,500 help.

The worth remained well-bid close to the $26,550 stage. The bears made two makes an attempt to push the value under $26,550, however they failed. A low is shaped close to $26,551 and the value is now consolidating losses under the 23.6% Fib retracement stage of the downward transfer from the $28,285 swing excessive to the $26,551 low.

Bitcoin is now buying and selling under $27,200 and the 100 hourly Easy shifting common. There’s additionally a key bearish development line forming with resistance close to $26,200 on the hourly chart of the BTC/USD pair.

Fast resistance is close to the $26,950 stage. The primary main resistance is $27,200 and the 100 hourly Easy shifting common. The following key resistance may very well be $27,400 and the development line. It’s near the 50% Fib retracement stage of the downward transfer from the $28,285 swing excessive to the $26,551 low.

Supply: BTCUSD on TradingView.com

An in depth above the $27,500 resistance would possibly begin a gradual improve towards the $28,000 stage. The principle hurdle remains to be $28,500, above which the value may begin one other improve. Within the acknowledged case, the value may rise towards the $30,000 resistance.

Extra Losses In BTC?

If Bitcoin fails to recuperate larger above the $27,200 resistance, there may very well be extra losses. Fast help on the draw back is close to the $26,550 stage.

The following main help is close to the $26,500 stage. A draw back break and shut under the $26,500 help would possibly ship the value additional decrease. The following help sits at $26,000.

Technical indicators:

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

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

Main Assist Ranges – $26,550, adopted by $26,500.

Main Resistance Ranges – $27,200, $27,400, and $27,500.