Bitcoin Price Could Restart Increase If It Clears This Resistance
Bitcoin price is correcting lower from the $27,400 resistance. BTC could start a fresh increase if it is able to clear the $26,600 resistance zone.
Bitcoin started a fresh decline after it failed to clear the $27,400 resistance.
The price is trading below $26,600 and the 100 hourly Simple moving average.
There is a key declining channel forming with resistance near $26,580 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could attempt a fresh increase if it clears the $26,580 and $26,600 levels.
Bitcoin Price Holds Support
Bitcoin price was able to climb back above the $27,000 level. BTC even climbed above $27,200 before the bears appeared near the $27,400 zone.
A high was formed near $27,368 before the price started a fresh decline. There was a move below the $27,000 support zone. The price declined below the 50% Fib retracement level of the upward move from the $25,368 swing low to the $27,368 high.
Bitcoin price is now trading below $26,600 and the 100 hourly Simple moving average. There is also a key declining channel forming with resistance near $26,580 on the hourly chart of the BTC/USD pair.
However, it is holding the $26,200 support and the 61.8% Fib retracement level of the upward move from the $25,368 swing low to the $27,368 high. Immediate resistance is near the $26,580 level and the channel zone. The next major resistance is near the $26,600 level. A close above $26,600 might send the price further higher.
Source: BTCUSD on TradingView.com
The next key resistance is near the $27,000 level. A clear move above the $27,000 resistance might call for a move toward the $27,400 resistance. Any more gains above the $27,400 resistance zone might send the price toward the $28,500 resistance zone.
More Losses in BTC?
If Bitcoin’s price fails to clear the $26,600 resistance, it could continue to move down. another decline. Immediate support on the downside is near the $26,200 level.
The next major support is near the $25,840 level, below which the price might gain bearish momentum. In the stated case, the price could drop toward the $25,400 support.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Major Support Levels – $26,200, followed by $25,840.
Major Resistance Levels – $26,600, $27,000, and $27,400.
Filed under: Bitcoin - @ June 8, 2023 2:17 am