Bitcoin loses its Bullish momentum and faces strong resistance near the $27,300 level against the US dollar. The benchmark cryptocurrency could correct lower to the $26,000 level in the near-term as we read more in today’s Bitcoin news.
The price is struggling to gain more bullish momentum above $27,300 and the price is trading above the $26,500 support with the 100 hourly simple moving average. There’s a key bullish trend line forming with support close to the $26,650 on the hourly chart of the BTC/USD pair with the pair likely to continue if there’s a break below the $26,600 and the $26,500.
After forming the new base above the $26,500 support BTC’s price climbed above $27,000 with the coin remaining well bid above the $26,800 level and the 100 hourly simple moving average. There was a break above the $27,200 level with the price reaching above the 50% fib retracement level of the downward move from the $28,388 high to the $25,782 low but the price seems to be facing a stronger resistance at the $27,300 zone. The 61.8% fib retracement level from the downward movement at the $28,388 swing high to the $25,782 low which also acts as a strong resistance. BTC’s price is now showing a few bearish signs but it is holding the $26,500 support.
There’s also a key bullish trend line forming with support at $26,650 on the hourly charts of the pair so if there’s another downside break below the trend line support, the price could trade below the $26,500 support with the next major support being near $26,000 level. more losses could put the 100 SMA and the $25,800 at risk so the price could decline towards the $25,200 level. As bitcoin loses its bullish momentum, it struggles to remain stable above the trend line of $26,500 with an attempt an upside break with the main resistance is nearing the $27,300 zone.
The clear break above the $27,300 resistance zone could even open the doors for a bigger increase with the price being able to rise towards the $28,000 resistance with the next key hurdle sitting at $28,200 and $28,400. The hourly MACD is losing momentum in the bullish zone and the hourly RSI for the pair declining in the 40 level.
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