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Home»Analysis»Bitcoin price remains strong at 100 SMA – strengthening case for upside
Analysis

Bitcoin price remains strong at 100 SMA – strengthening case for upside

2023-09-18No Comments3 Mins Read
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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.

Bitcoin price

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.

See also  Bitcoin is preparing for next move after rapid correction, according to top analyst - this is its target

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.

Source link

Bitcoin case Price Remains SMA strengthening strong Upside
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