TA: Bitcoin Losing Bullish Momentum, Why BTC Might Correct Lower

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TA: Bitcoin Losing Bullish Momentum, Why BTC Might Correct Lower

Bitcoin rate is dealing with a strong resistance near the $27,300 location versus the United States Dollar. BTC might remedy lower towards $26,000 or $25,500 in the near term.

  • Bitcoin appears to be having a hard time to get bullish momentum above the $27,300 barrier.
  • The rate is presently trading above the $26,500 assistance and the 100 per hour easy moving average.
  • There is a crucial bullish pattern line forming with assistance near $26,650 on the per hour chart of the BTC/USD set (information feed from Kraken).
  • The set is most likely to continue lower if there is a break listed below $26,600 and $26,500

Bitcoin Cost Might Retest $26 K

After forming a base above the $26,500 support, bitcoin rate climbed up above $27,000 BTC stayed well bid above the $26,800 level and the 100 per hour easy moving average.

There was a break above the $27,200 level. The rate even surged above the 50% Fib retracement level of the down relocation from the $28,388 swing high to $25,782 low. Nevertheless, the rate appears to be dealing with a strong resistance near the $27,300 zone.

The 61.8% Fib retracement level of the down relocation from the $28,388 swing high to $25,782 low is likewise functioning as a strong resistance. Bitcoin rate is presently revealing a couple of bearish, however it is holding the $26,500 assistance.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is likewise a crucial bullish pattern line forming with assistance near $26,650 on the per hour chart of the BTC/USD set. If there is drawback break listed below the pattern line assistance, the rate might even trade listed below the $26,500 assistance. The next significant assistance is near the $26,000 level.

Anymore losses may put the 100 per hour SMA and $25,800 at a danger. In the specified case, the rate might maybe decrease towards the $25,200 level.

Upside Break in BTC?

If bitcoin stays steady above the pattern line assistance or $26,500, it might try an advantage break. The primary resistance is near the $27,300 zone.

A clear break above the $27,300 resistance zone might unlock for alarger increase In the specified case, the rate might increase towards the $28,000 resistance. The next essential difficulty sits at $28,200 and $28,400

Technical signs:

Per Hour MACD– The MACD is losing momentum in the bullish zone.

Per Hour RSI (Relative Strength Index)– The RSI for BTC/USD is presently decreasing towards the 40 level.

Significant Assistance Levels– $26,500, followed by $26,000

Significant Resistance Levels– $27,300, $28,000 and $28,400

Aayush Jindal Read More.