- Bitcoin price started a fresh decline below the $26,800 level against the US Dollar.
- The price is now trading below $26,500 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $26,750 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could extend its decline toward the $24,500 and $24,000 levels.
Bitcoin price is declining below $27,000 against the US Dollar. BTC might extend losses if it stays below the $26,750 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $27,500 zone. There was a steady decline below the $27,000 and $26,500 levels to enter again in a bearish zone.
The bears even pushed the price below the $26,200 and $26,000 support levels. Finally, the price tested the $25,250 zone. A low is formed near $25,307 and the price is now consolidating losses. It is trading below $27,000 and the 55 simple moving average (4 hours).
There is also a major bearish trend line forming with resistance near $26,750 on the 4-hour chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,000 level and 23.6% Fib retracement level of the downward move from the $28,184 swing high to the $25,307 low.
The next major resistance might be near the $26,750 zone or the trend line. It is close to the 50% Fib retracement level of the downward move from the $28,184 swing high to the $25,307 low.
A clear move above the $26,750 level might send the price toward $27,500. The main resistance is now forming near the $28,000 zone, above which the price might rise toward the $28,500 level. Any more gains might push the price toward the $30,200 zone.
If there is no upside break, the price might decline below the $25,600 level. The first major support is near $25,250. The next key support is near the $25,000 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $24,000 level.
Looking at the chart, Bitcoin price is clearly trading below $27,000 and the 55 simple moving average (4 hours). Overall, the price could extend its decline toward the $24,500 and $24,000 levels.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $25,600 and $25,250.
Key Resistance Levels – $26,000, $26,750, and $28,000.
