Bitcoin price rises above the $26,500 resistance. BTC could gain bullish momentum if it settles above the USD 27,200 and USD 27,500 resistance levels.
- Bitcoin is slowly moving higher above the $26,500 resistance.
- The price is trading above $26,500 and the 100 hourly simple moving average.
- A major bullish trendline is forming with support near USD 26,600 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could rise further if it crosses the $27,200 and $27,500 resistance levels.
Bitcoin price eyes continued upward movement
Bitcoin price managed to break above the $26,000 resistance zone. BTC steadily climbed higher above the USD 26,200 and USD 26,500 resistance levels. It even peaked above the $27,000 level, but there was a lack of bullish momentum.
A high is forming near $27,184 and the price is now correcting gains. There was a move below the $27,000 support. It is now trading below the 23.6% Fib retracement level from its recent rise from the $26,253 swing low to the $27,184 high.
Bitcoin price is now trading above $26,500 and the 100 hourly simple moving average. Moreover, a major bullish trendline is forming with support near USD 26,600 on the hourly chart of the BTC/USD pair.
Source: BTCUSD at TradingView.com
On the upside, the price is facing resistance near the $27,200 level. The next major resistance is near the $27,500 level. A close above the USD 27,500 resistance could lead to bullish moves in the near term. The next major resistance is near the USD 28,500 level, above which the bulls might send BTC towards the USD 29,200 resistance zone.
Are dips supported in BTC?
If the price of Bitcoin fails to clear the $27,200 resistance, it could fall further. Immediate support on the downside is near the $26,700 level.
The next major support is near the $26,600 level and the trendline. It is close to the 61.8% Fib retracement level of the recent rise from the $26,253 swing low to the $27,184 high. The main support is now near USD 26,250, below which the price could gain bearish momentum towards USD 25,750. Any more losses could send the price to $25,200 in the near term.
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 above the 50 level.
Major Support Levels – $26,600 followed by $26,250.
Major resistance levels – $27,200, $27,500 and $28,500.
