Bitcoin Price Topside Bias Vulnerable If It Continues To Struggle Below $27.5K

2023-09-21 03:19:30

Bitcoin price is struggling to clear the $27,500 resistance. BTC is slowly moving lower and might revisit the $26,200 support zone in the coming sessions.

Bitcoin is still struggling to clear the $27,500 resistance.
The price is trading above $26,800 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $26,810 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a bearish wave below $26,800 if it continues to struggle below $27,500.

Bitcoin Price Faces Rejection

Bitcoin price made a couple of attempts to gain strength for a move above the $27,500 resistance zone. However, BTC failed to continue higher and slowly moved lower after the Fed interest rate decision.

The Fed kept the rates steady at 5.5% and it did not impact Bitcoin much. The price is now moving lower below the $27,200 level. There was a break below the 50% Fib retracement level of the upward move from the $26,656 swing low to the $27,495 high.

Bitcoin is now trading above $26,800 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $26,810 on the hourly chart of the BTC/USD pair.

If the price remains stable above the trend line, it could rise again. Immediate resistance on the upside is near the $27,280 level. The first major resistance is near the $27,500 zone, above which the price could gain bullish momentum.

Source: BTCUSD on TradingView.com

The next key resistance could be near the $28,200 level. A close above the $28,200 resistance could push the price toward the $29,500 resistance. Any more gains might call for a move toward the $30,000 level in the coming days.

Downside Break In BTC?

If Bitcoin fails to start a fresh increase above the $27,280 resistance, it could continue to move down. Immediate support on the downside is near the $26,855 level or the 76.4% Fib retracement level of the upward move from the $26,656 swing low to the $27,495 high.

The next major support is near the $26,800 level and the trend line. A downside break and close below the $26,800 level might spark more bearish moves and the price could decline toward the next support at $26,200.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $26,800, followed by $26,200.

Major Resistance Levels – $27,280, $27,500, and $28,200.

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