bitcoin price is moving down below the $27,200 support. btc could fall further if the war between Israel and Hamas escalates in the short term.
- bitcoin is moving lower and showing bearish signs below $27,500.
- The price is trading below $27,500 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance near $27,550 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could accelerate lower below the $27,000 support in the near term.
bitcoin price begins to decline
bitcoin price failed to gain pace above the $27,800 resistance. btc reacted lower amid rising tensions between Israel and Hamas. Israel has already reported more than 1,200 deaths.
The price is moving down below the $27,500 pivot level. There was also a downside break below the 76.4% Fibonacci retracement level of the upward move from the low of $27,185 to the high of $28,284. More importantly, the price traded below the key $27,200 support zone.
bitcoin is now trading below $27,500 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $27,550 on the hourly chart of the btc/USD pair.
If there is an upward correction, the price could face resistance near the $27,400 level. The next key resistance could be near the $27,500 level and the trend line. The first major resistance is $27,800, above which bitcoin could test $28,250.
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Fountain: BTCUSD on TradingView.com
The main resistance to the downtrend could be $28,500. A close above the $28,500 resistance could start another rise. In the indicated case, the price could rise towards the resistance of $30,000.
More losses in btc?
If bitcoin fails to recover above the $27,500 resistance, there could be more losses. Immediate support on the downside is near the $27,000 level or the 1.236 Fib extension level of the upward move from the low of $27,185 to the high of $28,284.
The next major support is near the $26,500 level. A break down and close below the $26,500 support could push the price down further. The next support is located at $26,000.
Technical indicators:
MACD Hourly: The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for btc/USD is now below the 50 level.
Main support levels: $27,000, followed by $26,500.
Main resistance levels: $27,400, $27,500 and $28,500.
