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Bitcoin Price Signals Another Bearish Formation and Could Revisit $25K

Started by Bitcoin, Sep 13, 2023, 06:25 am

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Bitcoin

Bitcoin Price Signals Another Bearish Formation and Could Revisit $25K

Bitcoin price struggled again near the $26,500 resistance. BTC is forming a double-top pattern and could revisit the $25,000 support zone.



  • Bitcoin recovered above $26,000 but struggled to clear $26,500.

  • The price is trading above $25,800 and the 100 hourly Simple moving average.

  • There is a short-term contracting triangle forming with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could start another decline if it breaks the $25,550 support zone.


Bitcoin Price Faces Uphill Task


Bitcoin price started a decent increase above the $26,000 resistance zone. BTC climbed above the $26,200 resistance level but the bears were again active near the $26,500 resistance.


The price failed to settle above the $26,500 resistance level. A high was formed near $26,528 and the price started a downside correction. It seems like there is a double-top pattern forming near the $26,500 zone. The price is now trading below the 23.6% Fib retracement level of the upward move from the $24,925 swing low to the $26,528 high.


However, Bitcoin is now trading above $25,800 and the 100 hourly Simple moving average. Besides, there is a short-term contracting triangle forming with resistance near $26,000 on the hourly chart of the BTC/USD pair.


Bitcoin Price


Source: BTCUSD on TradingView.com


Immediate resistance on the upside is near the $26,000 level. The first major resistance is near the $26,200 level. The main resistance is near the $26,500 level. A proper close above the $26,500 level might start a decent increase. The next major resistance is near $27,200, above which the bulls could gain strength. In the stated case, the price could test the $28,000 level.


Another Decline In BTC?


If Bitcoin fails to start a fresh increase above the $26,000 resistance, it could continue to move down. Immediate support on the downside is near the $25,800 level.


The next major support is near the $25,550 level or the 61.8% Fib retracement level of the upward move from the $24,925 swing low to the $26,528 high. A downside break and close below the $25,550 level might call for more downsides. In the stated case, the price could drop toward $25,000 or even $24,800.


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 near the 50 level.


Major Support Levels - $25,800, followed by $25,550.


Major Resistance Levels - $26,000, $26,200, and $26,500.


Source: Bitcoin Price Signals Another Bearish Formation and Could Revisit $25K