Bitcoin price moves higher above the $26,000 resistance. BTC could continue rising if there is a clear move above the USD 26,800 zone.
- Bitcoin started a recovery wave above the USD 26,000 resistance.
- The price is trading above $26,000 and the 100 hourly simple moving average.
- A major bearish trendline is forming with resistance near USD 26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it breaches the USD 26,650 and USD 26,800 resistance levels.
Bitcoin price regains $26,000
Bitcoin price remained well above the USD 25,500 resistance zone. As a result, BTC started another recovery wave above the $26,000 resistance zone and even broke $26,200.
The bulls pushed the price above the $26,500 level. A high is formed near $26,793 and the price is now consolidating gains. It is now trading near the 23.6% Fib retracement level of the upward move from the $24,751 swing low to the $26,793 high.
Bitcoin price is now trading above $26,000 and the 100 hourly simple moving average. In addition, a major bearish trendline is forming with resistance close to USD 26,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD at TradingView.com
If there is another increase, the price may encounter resistance near the $26,650 level. The next major resistance is near the $26,800 level. A clear move above the $26,800 resistance could push the price further. The next major resistance is near the USD 27,200 level, above which the bulls might send BTC towards the USD 27,500 resistance zone.
Dips limited in BTC?
If the price of Bitcoin fails to clear the $26,800 resistance, it could trigger a downside correction. Immediate support on the downside is near the $26,300 level.
The next key support is near the $26,200 level and trendline, below which the price could test the 100 hourly simple moving average. The main support is now near $25,750 or the 50% Fib retracement level of the upward move from the $24,751 swing low to the $26,793 high. 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 below the 50 level.
Major Support Levels – $26,200 followed by $26,000.
Major resistance levels – $26,650, $26,800 and $27,200.
