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.