Bitcoin price is gaining pace above the USD 26,700 resistance. BTC is consolidating above USD 26,800 and could continue rising above the USD 27,200 resistance.
- Bitcoin gained speed above the USD 26,500 and USD 26,700 resistance levels.
- The price is trading above USD 26,700 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate higher above the USD 27,200 resistance zone.
Bitcoin price aims higher
Bitcoin price held steady above the USD 26,000 support zone. BTC formed a base and started a steady rise above the USD 26,500 resistance zone.
The bulls eventually managed to pump the price above the USD 26,700 resistance. It even spiked above the USD 27,200 level. A high is formed near USD 27,312 and the price is now consolidating gains. There was a small decline below the 23.6% Fib retracement level of the upward move from the $26,100 swing low to the $27,312 high.
Bitcoin is trading above $26,700 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support around $26,800 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The immediate resistance on the upside is near the $27,200 level. The next major resistance could be near the $27,500 level. A close above the USD 27,500 resistance could send the price higher. In the mentioned case, the price could rise towards the USD 28,200 resistance. Further gains could require a move towards the $28,500 level.
Are dips limited in BTC?
If Bitcoin fails to hold higher above the USD 27,200 resistance, a downside correction could occur. The immediate downside support is near the $26,800 level and the trendline.
The next major support is near the $26,500 level or the 50% Fib retracement level of the upward move from the $26,100 swing low to the $27,312 high. A downside break and a close below the USD 26,500 level could trigger another big decline. The next support is $26,000. Further losses could require a $25,400 test.
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 above the 50 level.
Major support levels – USD 26,800, followed by USD 26,500.
Major resistance levels – $27,200, $27,500 and $28,000.