Bitcoin price is attempting a recovery wave above the $25,200 resistance. BTC needs to clear the 100 hourly SMA to continue higher in the near term.
- Bitcoin is slowly recovering above the USD 25,200 support.
- The price is trading below $25,750 and the 100 hourly simple moving average.
- A major bearish trendline is forming with resistance near USD 25,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could see further gains if it clears $25,750 and the 100 simple hourly moving average.
Bitcoin price is trying to recover
Bitcoin price remained in a bearish zone below the USD 26,200 resistance zone. BTC extended its decline below the USD 25,500 support and even spiked below USD 25,000.
A low is forming near USD 24,751 and the price is now trying to make a recovery wave. There was clear movement above the $25,000 and $25,200 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $26,062 swing high to the $24,751 low.
Bitcoin price is now trading below USD 25,750 and the 100 Simple hourly moving average. In addition, a major bearish trendline is forming with resistance near USD 25,680 on the hourly chart of the BTC/USD pair.
The pair is now facing resistance near the trendline and the 100 simple hourly moving average. It is close to the 61.8% Fib retracement level of the downward move from the $26,062 swing high to the $24,751 low. The next major resistance is near the $25,750 level.
Source: BTCUSD at TradingView.com
A clear move above the $25,750 resistance could trigger another rise. The next major resistance is near the USD 26,200 level, above which the bulls might send BTC towards the USD 26,500 resistance zone.
New Decline in BTC?
If the price of Bitcoin fails to clear the $25,750 resistance, it could trigger another decline. Immediate support on the downside is near the $25,200 level.
The next major support is near the $24,820 level, below which the price could start another major decline. In the said case, the price could fall towards the $24,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $25,200, followed by $24,820.
Major resistance levels – $25,680, $25,750 and $26,200.
