Bitcoin Price Is Showing Early Signs of Fresh Drop, $27,200 Is The Key. The $27,800 resistance level is proving difficult for the price of Bitcoin to overcome. If there is a definite move below the $27,200 support region, BTC may continue to fall.
Bitcoin is finding it difficult to launch a new uptrend over the $27,800 barrier level.
The price is trading below both the 100 hourly Simple Moving Average and the $27,700 mark.
On the hourly chart of the BTC/USD pair (data feed from Kraken), there was a break below a significant ascending channel with support close to $27,650.
If the pair closes below the $27,200 support, another fall could begin.
Bitcoin Price Faces Uphill Task
After a downward adjustment, the price of bitcoin tried to ascend again from the $27,200 support region. Bitcoin (BTC) was able to rise beyond the $27,500 resistance level.
Bitcoin Price Is Showing Early Signs of Fresh Drop. Price increased over the 50% Fibonacci retracement level of the decline from the swing high of $28,565 to the low of $27,189. The $28,000 resistance area saw continued activity from the bears, nevertheless. Price had a difficult time rising above $27,850.
Near the 61.8% Fib retracement level of the decline from the swing high of $28,565 to the low of $27,189, Bitcoin was rejected. It recently dropped below $27,500.
On the hourly chart of the BTC/USD pair, a crucial ascending channel with support close to $27,650 was broken below. Presently, the bulls are defending the support zone worth $27,200. It is currently trading below both the 100 hourly Simple moving average and $27,700.
Source: TradingView.com, BTCUSD
Bitcoin Price Is Showing Early Signs of Fresh Drop. On the upside, there is immediate resistance close to the $27,650 mark. The $28,000 level may serve as the next significant resistance. Another advance might begin if the $28,000 resistance is closed above. The price may increase toward the $28,500 resistance in the scenario given. Any additional gains might need a move up toward the $29,200 mark.
More Losses In BTC?
More losses may occur if Bitcoin is unable to move higher over the $27,800 resistance. On the downside, there is immediate support close to the $27,400 mark.
Near the $27,200 mark, there is the next significant support. In the short term, a downward break and closing below the $27,200 mark could drive the price as low as $26,800. At $26,200, the next support is located.
Technical signs:
Hourly MACD: In the negative zone, the MACD is currently gaining speed.
Relative Strength Index (RSI) hourly – The BTC/USD RSI is very close to the 50 mark.
$27,400 is the major support level, followed by $27,200.
Three significant resistance levels exist: $27,800, $28,000, and $28,500.
