Bitcoin price offset yesterday’s losses and climbed above USD 26,500. BTC is now facing strong resistance again near the $27,400 zone.
- Bitcoin started another decline after diving towards the $25,500 support.
- The price is trading above $26,500 and the 100 hourly simple moving average.
- There was a break above a contiguous bearish trendline with resistance close to USD 26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair now faces a major hurdle near the $27,400 and $27,500 levels.
Bitcoin price revises $27,500
Bitcoin price found support near the $25,400 zone after a major drop. BTC formed a base and it could start a recovery wave above the USD 26,000 level.
There was a break above a contiguous bearish trendline with resistance near USD 26,000 on the hourly chart of the BTC/USD pair. The pair was able to overcome the $27,000 resistance to move into a positive zone. However, the bears were active again near the $27,400 and $27,500 levels.
A high is formed near $27,368 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level from the recent rise from $25,369 swing low to $27,368 high.
Bitcoin price is trading above $26,500 and the 100 simple hourly moving average. Immediate resistance is near the $27,400 level. The next major resistance is near the $27,500 level. A close above $27,500 could push the price even higher.
Source: BTCUSD at TradingView.com
The next key resistance is near the $28,000 level. An upside break and close above $28,000 could start a decent move to $28,500. More gains above the $28,500 resistance zone could push the price towards the $29,500 resistance zone.
New Decline in BTC?
If the price of Bitcoin fails to clear the $27,400 resistance, it could trigger another decline. Immediate support on the downside is near the $26,800 level and the 100 hourly SMA.
The next major support is near the $26,400 zone or the 50% Fib retracement level from the recent rise from the $25,369 swing low to the $27,368 high, below which the price could regain bearish momentum. In the said case, the price could drop towards the $26,000 support.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $26,400 followed by $26,000.
Major resistance levels – $27,400, $27,500 and $28,500.
