Bitcoin price faces strong resistance against the US Dollar near the $ 27,300 area. BTC could drop to $ 26,000 or $ 25,500 in the near term.
Bitcoin seems to be struggling to gain bullish momentum above the $ 27,300 barrier.
The price is currently trading above the $ 26,500 support and the 100 hourly simple moving average.
On the hourly chart of the BTC / USD pair, there is a key bullish trend line formed with support near $ 26,650.
If there is a break below $ 26,600 and $ 26,500, the pair is likely to continue to decline.
Bitcoin price could retest $ 26,000
After building a base above the $ 26,500 support, the bitcoin price rose above $ 27,000. BTC has continued to bid above the $ 26,800 level and the 100 hourly simple moving average.
There was a break above the $ 27,200 level. However, the price appears to be facing strong resistance near the $ 27,300 zone.
Bitcoin price is currently showing several declines, but holds the $ 26,500 support.
Also, there is a key bullish trend line formed with support near $ 26,650 on the hourly chart of the BTC / USD pair. If there is a downside break below the trendline support, the price could even trade below the $ 26,500 support. The next major support is near the $ 26,000 level.
Further losses could risk the 100-hour SMA and $ 25,800. In the situation stated, the price may drop to the $ 25,200 level.
If there is an upward movement in BTC
If Bitcoin remains stable above the trendline support or above $ 26,500, it could attempt an upward breakout. Major resistance lies near the $ 27,300 zone
A clear break above the $ 27,300 resistance zone could open the doors for a larger increase. In the stated situation, the price could rise towards the $ 28,000 resistance. The next major hurdle is the $ 28,200 and $ 28,400 levels.
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently falling towards the 40 level.
Support Levels – $ 26,500 followed by $ 26,000.
Resistance Levels – $ 27,300, $ 28,000 and $ 28,400.