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

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Bitcoin price is facing a strong resistance near the $27,300 area against the US Dollar. BTC could correct lower towards $26,000 or $25,500 in the near term.

  • Bitcoin seems to be struggling to gain bullish momentum above the $27,300 barrier.
  • The price is currently trading above the $26,500 support and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $26,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower if there is a break below $26,600 and $26,500.

Bitcoin Price Could Retest $26K

After forming a base above the $26,500 support, bitcoin price climbed above $27,000. BTC remained well bid above the $26,800 level and the 100 hourly simple moving average.

There was a break above the $27,200 level. The price even spiked above the 50% Fib retracement level of the downward move from the $28,388 swing high to $25,782 low. However, the price seems to be facing a strong resistance near the $27,300 zone.

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The 61.8% Fib retracement level of the downward move from the $28,388 swing high to $25,782 low is also acting as a strong resistance. Bitcoin price is currently showing a few bearish, but it is holding the $26,500 support.


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