top of page
Search
  • Writer's pictureSarah Dixon

Bitcoin price recovery, can bulls clear hurdle?


Bitcoin price recovery, can bulls clear hurdle?
Bitcoin price recovery, can bulls clear hurdle?

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.

🌎《Now you can now start trading at TNNS PROX》📈



🔥Start trading today, click "sign up" from the link above.


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.


Source: BTCUSD on TradingView.com
Source: BTCUSD on TradingView.com

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.

Comments


bottom of page