Please refer to the price analysis article #bitcoin today August 21 to closely follow the movement of this asset!
Bitcoin price is struggling below $26,500. #BTC is showing signs of price decline and is still at risk of falling to $25,000.
Bitcoin is struggling to recover above the $26,600 resistance area.
The price is trading below $26,500 and the SMA 100.
There is a short-term rising trend line forming with support near $26,050 on the chart.
The pair could continue to move down and trade below the $26,000 support.
#BTC moved above the 23.6% Fib retracement level of the downtrend from $29,180 to $24,800. However, the price is facing many hurdles as it rises to nearly $26,600. It is still trading below $26,500 and the 100 SMA.
Additionally, there is a short-term rising trend line forming with support near $26,050 on the chart. If Bitcoin stays above the trendline, it could mount a recovery wave.
Immediate resistance is near the $26,400 level. The next major resistance is near $26,500 and the 100 SMA. A clear move above the 100 SMA could start a recovery wave towards the $27,000 resistance.
A close above the $27,000 resistance could initiate a significant increase towards the $27,500 resistance area. Any further gains could set the pace for a larger rise up to $28,150.
Another BTC Drop?
If #Bitcoin cannot overcome the $26,500 resistance, it could continue to decline. Immediate support on the downside is near the $26,000 area and the trendline.
The next major support is near the $25,600 level. A break of the downtrend below $25,600 could push the price further into the bearish zone. In the said case, the price can be reduced to $25,000.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Key support levels – $26,000, followed by $25,600.
Key resistance levels – $26,500, $27,000 and $27,500.
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