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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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TA: Bitcoin Losing Bullish Momentum, Why BTC Could Correct Lower

Aayush Jindal by Aayush Jindal
3 years ago
in BTC
Reading Time: 2 mins read

Bitcoin price is facing a strong resistance near the $27,300 area against the US Dollar. BTC could correct lower towards $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.
  • There is a key bullish trend line forming with support near $26,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower if there is a break below $26,600 and $26,500.

Bitcoin Price Could Retest $26K

After forming a base above the $26,500 support, bitcoin price climbed above $27,000. BTC remained well bid above the $26,800 level and the 100 hourly simple moving average.

There was a break above the $27,200 level. The price even spiked above the 50% Fib retracement level of the downward move from the $28,388 swing high to $25,782 low. However, the price seems to be facing a strong resistance near the $27,300 zone.

The 61.8% Fib retracement level of the downward move from the $28,388 swing high to $25,782 low is also acting as a strong resistance. Bitcoin price is currently showing a few bearish, but it is holding the $26,500 support.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a key bullish trend line forming with support near $26,650 on the hourly chart of the BTC/USD pair. If there is downside break below the trend line support, the price could even trade below the $26,500 support. The next major support is near the $26,000 level.

Any more losses might put the 100 hourly SMA and $25,800 at a risk. In the stated case, the price may perhaps decline towards the $25,200 level.

Upside Break in BTC?

If bitcoin remains stable above the trend line support or $26,500, it could attempt an upside break. The main resistance is 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 case, the price could rise towards the $28,000 resistance. The next key hurdle sits at $28,200 and $28,400.

Technical indicators:

Hourly MACD – The MACD is losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining towards the 40 level.

Major Support Levels – $26,500, followed by $26,000.

Major Resistance Levels – $27,300, $28,000 and $28,400.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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