12 October 2023
Bitcoin price is sliding and trading below $27,000. BTC is still at risk of more downsides below the $26,500 and $26,200 support levels.
Bitcoin is moving lower and showing bearish signs below $27,000.
The price is trading below $27,000 and the 100 hourly Simple moving average.
There are two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down toward the $26,000 support in the near term.
Bitcoin Price Extends Losses
Bitcoin price struggled to start a recovery wave above the $27,500 resistance. BTC remained in a bearish zone and declined further below the $27,000 level.
There was a drop below the $26,800 level and the price tested the $26,500 support. A low is formed near $26,551 and the price is again attempting a recovery wave. There was a minor increase above the $26,800 level. However, the price is still facing many hurdles.
Bitcoin is now trading below $27,000 and the 100 hourly Simple moving average. There are also two bearish trend lines forming with resistance near $26,950 and $27,400 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $26,950 level and the first trend line. It is close to the 23.6% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The next key resistance could be near the $27,400 level and second the trend line.
The second trend line is near the 50% Fib retracement level of the downward move from the $28,284 swing high to the $26,551 low. The first major resistance is $27,500 and the 100 hourly Simple moving average, above which Bitcoin might test $27,800.
Source: BTCUSD on TradingView.com
The main hurdle is still $28,500. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $30,000 resistance.
More Losses In BTC?
If Bitcoin fails to recover higher above the $27,000 resistance, there could be more losses. Immediate support on the downside is near the $26,650 level.
The next major support is near the $26,500 level. A downside break and close below the $26,500 support might send the price further lower. The next support sits at $26,000.
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 – $26,650, followed by $26,500.
Major Resistance Levels – $27,000, $27,400, and $27,500.