Bitcoin price started a recovery wave above the USD 26,250 resistance. BTC could gain bullish momentum if resistance breaks above USD 27,000.
- Bitcoin is slowly moving higher above the USD 26,250 support zone.
- The price is trading above USD 26,250 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support near USD 26,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it overcomes the USD 27,000 resistance.
Bitcoin price recovers
Bitcoin price remained well above the USD 25,800 level. BTC formed a base and started a recovery wave above the USD 26,050 level. The bulls were able to push the price above the USD 26,250 level.
There was also a break above the USD 26,500 resistance. Finally, the price tested the USD 26,780 zone. A high is forming near USD 26,779 and the price is now consolidating gains. It is trading just below the 23.6% Fib retracement level of the recent wave from the $25,360 swing low to the $26,779 high.
Bitcoin is trading above $26,250 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support near $26,250 on the hourly chart of the BTC/USD pair.
Source: BTCUSD at TradingView.com
On the upside, immediate resistance is near the USD 26,600 level. The first major resistance is now near the USD 26,780 level, above which the price could rally towards the USD 27,000 resistance. A close above the USD 27,000 resistance could spark a decent rise towards the USD 27,500 resistance zone. Any further gains could set the pace for a bigger rise towards $28,200.
Are dips supported in BTC?
If Bitcoin fails to clear the USD 26,780 resistance, it could begin a downside correction. Immediate downside support is near the USD 26,250 zone and trendline.
The next major support is near the $26,050 level or the 50% Fib retracement level of the recent wave from the $25,360 swing low to the $26,779 high. A downside break below the USD 26,050 level could push the price into a bearish zone again. In the said case, the price could fall towards USD 25,550.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $26,250, followed by $26,050.
Key resistance levels – $26,780, $27,000 and $27,500.