Bitcoin price started a fresh decline below the $27,500 support. BTC is now showing a lot of bearish signs below the $27,400 pivot level.
- Bitcoin started a fresh decline and tumbled below the key $27,500 support zone.
- The price is trading below $27,550 and the 100 hourly Simple moving average.
- There is a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be limited above the $27,500 resistance.
Bitcoin Price Drops Again
Bitcoin price failed to start a fresh increase above the $28,000 resistance zone. BTC started a fresh decline and traded below the key $27,500 support zone.
There was a clear move below the $27,400 level and the 100 hourly Simple moving average. The price even dived below the $27,000 level and traded close to the $26,500 support. A low is formed near $26,571 and the price is now consolidating losses.Bitcoin price is trading below $27,550 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance near $27,500 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $26,920 level. It is close to the 50% Fib retracement level of the recent decline from the $27,287 swing high to the $26,571 low. The next major resistance is near the $27,100 level. The stated resistance is near the 76.4% Fib retracement level of the recent decline from the $27,287 swing high to the $26,571 low. The main resistance is near the $27,500 level.