TA: Bitcoin Losing Bullish Momentum, Why BTC Could Correct Lower
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 […]
Bitcoin cost is confronting a solid opposition close the $27,300 zone against the US Dollar. BTC could address lower towards $26,000 or $25,500 in the close to term. Bitcoin is by all accounts battling to pick up bullish energy over the $27,300 obstruction. The cost is right now exchanging over the $26,500 uphold and the 100 hourly basic moving normal. There is a key bullish pattern line framing with help close $26,650 on the hourly graph of the BTC/USD pair (information feed from Kraken). The pair is probably going to proceed with lower if there is a break underneath $26,600 and $26,500. Bitcoin Price Could Retest $26K After shaping a base over the $26,500 uphold, bitcoin cost moved above $27,000. BTC stayed all around offer over the $26,800 level and the 100 hourly basic moving normal. There was a break over the $27,200 level. The cost even spiked over the half Fib retracement level of the descending move from the $28,388 swing high to $25,782 low. Nonetheless, the value is by all accounts confronting a solid opposition close the $27,300 zone. The 61.8% Fib retracement level of the descending move from the $28,388 swing high to $25,782 low is likewise going about as a solid opposition. Bitcoin cost is at present demonstrating a couple of bearish, yet it is holding the $26,500 uphold.