Bitcoin Price Could Range Trade Before The Next Big Move
Bitcoin price is consolidating above the $25,500 level. BTC could start a decent increase if there is a close above the $27,000 resistance.
Bitcoin is struggling to clear the $26,500 resistance zone.
The price is trading near $26,100 and the 100 hourly Simple moving average.
There was a break below a connecting bullish trend line with support near $26,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to trade in a range before the next major move.
Bitcoin Price Slides Again
Bitcoin price started a recovery wave above the $26,250 resistance level. BTC even cleared the $26,500 level but the bears were active near the $26,750 zone.
A high was formed near $26,779 and the price started a fresh decline. There was a move below the $26,500 level. The price declined below the 50% Fib retracement level of the recovery move from the $25,360 swing low to the $26,779 high.
Besides, there was a break below a connecting bullish trend line with support near $26,400 on the hourly chart of the BTC/USD pair. The pair tested the 61.8% Fib retracement level of the recovery move from the $25,360 swing low to the $26,779 high.
Bitcoin is trading near $26,100 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $26,400 level. The first major resistance is now near the $26,780 level, above which the price might rise toward the $27,000 resistance.
Source: BTCUSD on TradingView.com
To start a strong increase, the price must settle above the $27,000 resistance. In the stated case, the price could test the $27,800 level. Any more gains might set the pace for a larger increase toward $28,200.
More Losses In BTC?
If Bitcoin fails to clear the $26,400 resistance, it could continue to move down. Immediate support on the downside is near the $25,900 zone.
The next major support is near the $25,400 level. A downside break below the $25,400 level might push the price again into a bearish zone. In the stated case, the price could drop toward $24,800.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $25,900, followed by $25,400.
Major Resistance Levels – $26,400, $26,780, and $27,000.
Filed under: Bitcoin - @ August 25, 2023 3:14 am