Bitcoin price climbed higher and tested the USD 27,500 resistance. BTC is correcting gains but could trigger another surge unless there is a move below $26,500.
- Bitcoin holds gains above the USD 26,500 support level.
- The price is trading above USD 26,550 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $26,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it remains above the $26,500 support zone.
Bitcoin price looks set for another surge
Bitcoin price remained in a positive zone above the USD 26,200 resistance zone. BTC started a new rise and managed to break the USD 26,500 resistance zone.
There was a strong rise above the USD 27,000 level before the bears appeared near USD 27,500. A high was formed near $27,468 and the price recently corrected gains. There was a decline below the $27,000 level. The price fell below the 50% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high.
Bitcoin is now trading above $26,550 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support around $26,600 on the hourly chart of the BTC/USD pair.
The price is now holding the 76.4% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high. It is consolidating gains and could expect another surge. The immediate resistance on the upside is near the $26,950 level.
The first major resistance is near the $27,500 zone, above which the price could gain speed. The next major resistance could be near the $28,200 level. A clear move above the USD 28,200 resistance could send the price towards the USD 29,000 resistance.
Source: BTCUSD on TradingView.com
The next major resistance is around $29,500, above which the bulls could gain strength. In the said case, the price could test the $30,000 level.
More disadvantages of BTC?
If Bitcoin fails to start a new increase above the resistance at $26,950, it could continue to decline. The immediate downside support is near the $26,600 level and the trendline.
The next major support is near the $26,500 level. A downside break and a close below the USD 26,500 level could send the price towards the next support at USD 26,000.
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 approaching the 50 level.
Major support levels – USD 26,600, followed by USD 26,500.
Major resistance levels – $26,950, $27,200 and $27,500.