Bitcoin price started a recovery wave above the $26,250 resistance. BTC could gain bullish momentum if there is a close above the $27,000 resistance.
Bitcoin is slowly moving higher above the $26,250 support zone.
The price is trading above $26,250 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support near $26,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if it clears the $27,000 resistance.
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Bitcoin price recovery, can bulls clear hurdle?
Bitcoin price recovery, can bulls clear hurdle? The price of Bitcoin has remained stable above the $25,800 mark and has formed a base for a recovery wave, rising above the $26,050 level. The bulls were able to push the price up further, breaking past the $26,500 resistance and testing the $26,780 zone. Currently, the price is consolidating gains and trading just below the 23.6% Fib retracement level. Bitcoin is trading above $26,250 and the 100 hourly Simple moving average, with a connecting bullish trend line forming with support near $26,250 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $26,600 level. The first major resistance is now near the $26,780 level, above which the price might rise toward the $27,000 resistance. A close above the $27,000 resistance could start a decent increase toward the $27,500 resistance zone. Any more gains might set the pace for a larger increase toward $28,200.
Are Dips Supported In BTC?
In the event that Bitcoin is unable to surpass the $26,780 resistance, a potential downside correction may occur. The immediate support on the downside is near the $26,250 zone as well as the trend line. The next major support level is near $26,050 or the 50% Fib retracement level of the recent wave from the $25,360 swing low to the $26,779 high. If the price drops below the $26,050 level, it may enter a bearish zone and decline towards $25,550.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $26,250, followed by $26,050.
Major Resistance Levels – $26,780, $27,000, and $27,500.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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