Bitcoin Price Holds Ground But Upsides Turned Attractive To Bears

2023-10-13 03:34:33

Bitcoin price is consolidating above the $26,550 level. BTC could correct higher, but upsides might be capped near the $27,400 and $27,500 resistance levels.

Bitcoin is finding bids near the $26,550 level.
The price is trading below $27,200 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but the bears might remain active near the $27,500 zone.

Bitcoin Price Holds Support

Bitcoin price started a fresh decline from the $27,500 resistance. BTC traded below the $27,000 level to enter a bearish zone. Finally, the bulls appeared above the $26,500 support.

The price remained well-bid near the $26,550 level. The bears made two attempts to push the price below $26,550, but they failed. A low is formed near $26,551 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $28,285 swing high to the $26,551 low.

Bitcoin is now trading below $27,200 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $26,950 level. The first major resistance is $27,200 and the 100 hourly Simple moving average. The next key resistance could be $27,400 and the trend line. It is close to the 50% Fib retracement level of the downward move from the $28,285 swing high to the $26,551 low.

Source: BTCUSD on TradingView.com

A close above the $27,500 resistance might start a steady increase toward the $28,000 level. The main hurdle is still $28,500, above which the price could start another increase. In the stated case, the price could rise toward the $30,000 resistance.

More Losses In BTC?

If Bitcoin fails to recover higher above the $27,200 resistance, there could be more losses. Immediate support on the downside is near the $26,550 level.

The next major support is near the $26,500 level. A downside break and close below the $26,500 support might send the price further lower. The next support sits at $26,000.

Technical indicators:

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

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

Major Support Levels – $26,550, followed by $26,500.

Major Resistance Levels – $27,200, $27,400, and $27,500.

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