Bitcoin price may correct, buy dip?
Bitcoin price is again moving lower from the $27,500 resistance. BTC could extend its decline and revisit the $25,400 support zone. Bitcoin price may correct, buy dip?
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Bitcoin started a downside correction after it failed to clear the $27,500 resistance.
The price is trading below $27,000 and the 100 hourly Simple moving average.
There was a break below a major bullish trend line with support near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is now at a risk of more downsides below the $26,350 level.
Bitcoin price may correct, buy dip? Bitcoin Price Revisits Support
Bitcoin's price experienced a downside correction as it was unable to surpass the $27,500 resistance. The cryptocurrency traded below the $27,000 and $26,800 support levels, leading to a bearish trend. Additionally, a major bullish trend line with support near $26,800 was broken on the hourly chart of the BTC/USD pair. As a result, the pair retested the $26,350 support zone and is currently consolidating losses. It is now trading near the 23.6% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.
Currently, Bitcoin is trading below $27,000 and the 100 hourly Simple Moving Average. The immediate resistance on the upside is near the $26,800 level. The first major resistance is near the $27,000 zone, a connecting bearish trend line, and the 50% Fib retracement level of the recent decline from the $27,494 swing high to the $26,358 low.
The price may encounter a significant resistance near the $27,050 level, and if it manages to surpass it, it could initiate a bullish momentum. In such a scenario, the price might even rise towards the $27,500 resistance level. Further gains could potentially lead to a move towards the $28,800 level in the upcoming days.
More Losses In BTC?
If Bitcoin fails to surpass the resistance level of $27,000 and initiate a new upward trend, it is likely to continue its downward movement. The immediate support level on the downside is around $26,350.
The next significant support level is near $26,200. If there is a break below this level and the price closes below it, it could trigger further bearish momentum, potentially leading to a decline towards the next support level at $25,400.
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 – $26,350, followed by $26,200.
Major Resistance Levels – $27,000, $27,050, and $27,500.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.