Bitcoin Price Holds Ground But Upsides Turned Attractive To Bears

Bitcoin value is consolidating above the $26,550 stage. BTC may appropriate increased, 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 value is buying and selling beneath $27,200 and the 100 hourly Easy shifting common.
• There’s a key bearish pattern line forming with resistance close to $26,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may appropriate increased, however the bears would possibly stay energetic close to the $27,500 zone.

Bitcoin Value Holds Help

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

The value remained well-bid close to the $26,550 stage. The bears made two makes an attempt to push the worth beneath $26,550, however they failed. A low is fashioned close to $26,551 and the worth is now consolidating losses beneath 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 beneath $27,200 and the 100 hourly Simple moving average. There’s additionally a key bearish pattern line forming with resistance close to $26,200 on the hourly chart of the BTC/USD pair.

Rapid resistance is close to the $26,950 stage. The primary main resistance is $27,200 and the 100 hourly Easy shifting common. The subsequent key resistance could possibly be $27,400 and the pattern 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

A detailed above the $27,500 resistance would possibly begin a gentle enhance towards the $28,000 stage. The principle hurdle remains to be $28,500, above which the worth may begin one other enhance. Within the acknowledged case, the worth may rise towards the $30,000 resistance.

Extra Losses In BTC?

If Bitcoin fails to recuperate increased above the $27,200 resistance, there could possibly be extra losses. Rapid help on the draw back is close to the $26,550 stage.

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

Technical indicators:

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

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

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

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