Bitcoin Price Signals Another Bearish Formation and Could Revisit $25K
Bitcoin price once again faced the resistance of $26,500. BTC forms a double top and could revisit the $25,000 support zone.
Bitcoin recovered above $26,000 but struggled to clear $26,500.
The price is trading above $25,800 and the 100 hourly simple moving average.
A short-term contracting triangle is forming with resistance near $26,000 on the hourly chart of the BTC/USD pair (data source from Kraken).
The pair could start another decline if it breaks the $25,550 support zone.
The price of Bitcoin faces an uphill task
Bitcoin price has started a decent rise above the $26,000 resistance zone. BTC climbed above the $26,200 resistance level, but bears were again active near the $26,500 resistance.
The price failed to settle above the $26,500 resistance level. A high was formed near $26,528 and the price started a downward correction. A double top pattern appears to be forming near the $26,500 zone. The price is now trading below the 23.6% Fib retracement level of the move up from the $24,925 swing low to the $26,528 high.
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However, Bitcoin is now trading above $25,800 and the 100 hourly simple moving average. Additionally, a short-term contracting triangle is forming on the hourly chart of the BTC/USD pair with resistance near $26,000.
Source: BTCUSD on TradingView.com
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Immediate resistance to the upside is near the $26,000 level. The first major resistance is near the $26,200 level. Major resistance is near the $26,500 level. A proper close above the $26,500 level could trigger a decent rally. Another major resistance is near $27,200, above which bulls could gain strength. In that case, the price could test the $28,000 level.
Another BTC decline?
If Bitcoin fails to initiate a new rally above the $26,000 resistance, it may continue to move lower. Immediate downside support is near the $25,800 level.
Another major support is near the $25,550 level or the 61.8% Fib retracement level of the move up from the $24,925 swing low to the $26,528 level. A break to the downside and a close below the $25,550 level could require further declines. In that case, the price could drop to $25,000 or even $24,800.
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now approaching the 50 level.
Major support levels – $25,800, followed by $25,550.
Major resistance levels – $26,000, $26,200 and $26,500.