Bitcoin price is stuck in a narrow range above the USD 25,900 support. BTC could start a decent increase if it closes above USD 26,200 and then USD 26,500.
- Bitcoin is struggling to break the USD 26,500 resistance zone.
- The price is trading below $26,200 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near USD 26,070 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt another raise if it clears $26,150 and $26,200.
Bitcoin price looks fresh
Bitcoin price attempted to settle above the USD 26,500 resistance level. However, BTC failed to stay above USD 26,500 and it started a fresh decline.
There was a move below the $26,250 pivot level. The price fell below the 50% Fib retracement level of the upward move from the $25,360 swing low to the $26,780 high. It seems that the price is now stuck in a narrow range above the $25,900 support zone.
Bitcoin is now trading below $26,200 and the 100 Hourly Simple Moving Average. A connecting bearish trendline is also forming with resistance around $26,070 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the USD 26,100 level, trendline and 100 hourly simple moving average. The first major resistance is now near the USD 26,200 level, above which the price could rise towards the USD 26,500 resistance.
Source: BTCUSD at TradingView.com
To start a strong increase, the price must break above the USD 26,500 resistance. In the case mentioned, the price could test the USD 27,000 level. Any further gains could set the pace for a bigger rise towards $27,800.
Lose more in BTC?
If Bitcoin fails to clear the USD 26,200 resistance, it could continue to decline. Immediate support on the downside is near the $25,900 zone or the 61.8% Fib retracement level of the upward move from the $25,360 swing low to the $26,780 high.
The next major support is near the USD 25,400 level. A downside break below the USD 25,400 level could push the price further down. In the said case, the price could fall towards USD 24,800.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $25,900, followed by $25,400.
Key resistance levels – $26,200, $26,500 and $27,000.