Bitcoin price is at the USD 26,400 support zone. BTC could gain bullish momentum if it sees a close above the $27,000 resistance zone.
- Bitcoin holds gains above the USD 26,200 support level.
- The price is trading above $26,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support near $26,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a steady climb if it breaks above $26,850 and then $27,000.
Bitcoin price holds steady
Bitcoin price started a decent rise above the USD 26,200 resistance zone. BTC even climbed above the USD 26,800 level but failed to stay in the positive zone.
There was a small downward correction below $26,550. The price traded at a low of $26,412 and is currently trying to make a fresh move higher. There was a move above the 50% Fib retracement level of the downward move from the $26,887 swing high to the $26,412 low.
Bitcoin price is now trading above $26,500 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support near $26,500 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $26,700 level or the 61.8% Fib retracement level of the downward move from the $26,887 swing high to the $26,412 low. The first major resistance is around the $26,850 level. The next major resistance could be near the $27,000 level.
Source: BTCUSD on TradingView.com
A successful close above the resistance at USD 26,850 and USD 27,200 could trigger a new bullish wave. The next major resistance is around $27,500, above which the bulls could gain strength. In the said case, the price could test the USD 28,500 level.
Another drop in BTC?
If Bitcoin fails to initiate a new rise above the resistance at $26,850, it could respond to a downtrend. The immediate downside support is near the $26,500 level and the trendline.
The next major support is near the $26,200 level. A downside break and a close below the USD 26,200 level could send the price towards the next support at USD 25,650.
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.
Major support levels – USD 26,500, followed by USD 26,200.
Major resistance levels – $26,700, $26,850 and $27,000.