Bitcoin Price Struggles To Recover and Remains Vulnerable To Fresh DeclineMay 26, 2023
Bitcoin price is struggling to recover above the $26,650 resistance. BTC might start another decline if it stays below the $26,650 resistance zone.
- Bitcoin is consolidating below the $26,600 and $26,650 resistance levels.
- The price is trading below $26,650 and the 100 hourly Simple moving average.
- There is a major bearish trend line forming with resistance near $26,640 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover if there is a clear move above the $26,650 resistance.
Bitcoin Price Faces Hurdle
Bitcoin price remained in a bearish zone below the $27,500 resistance zone. BTC extended its decline and traded below the $26,000 level. A low was formed near $25,865 before the price started an upside correction.
There was a move above the $26,200 level. The price is trading above the 23.6% Fib retracement level of the downward move from the $27,512 swing high to the $25,865 low. However, the price is facing many hurdles near $26,650.
Bitcoin price is now consolidating below the $26,600 and $26,650 resistance levels. There is also a major bearish trend line forming with resistance near $26,640 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $26,550 level. The next major resistance is near the $26,650 level or the 50% Fib retracement level of the downward move from the $27,512 swing high to the $25,865 low. A close above the $26,650 resistance zone might send the price toward the $27,200 resistance zone.
Source: BTCUSD on TradingView.com
The next key resistance is near $27,550, above which the price might rise toward the $28,000 resistance. Any more gains might send the price toward the $28,200 resistance level.
Fresh Decline in BTC?
If Bitcoin’s price fails to clear the $26,650 resistance, it could start another decline. Immediate support on the downside is near the $26,200 level.
The next major support is near the $26,000 zone, below which the price might revisit the last swing low at $25,865. Any more losses might take Bitcoin toward the $25,000 level in the near term.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 40 level.
Major Support Levels – $26,200, followed by $26,000.
Major Resistance Levels – $26,550, $26,650, and $27,200.
Source: Read Full Article