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Bitcoin price is correcting higher above the $26,500 resistance. If BTC settles above the $27,200 and $27,500 resistance levels, it could gain bullish momentum.
- Bitcoin is slowly correcting above the $26,500 resistance.
- The price is trading above the $26,500 and 100 hourly simple moving averages.
- There is a major bullish trend line forming with support near $26,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to move higher if it overcomes the $27,200 and $27,500 resistance levels.
Bitcoin Price Eyes Uptrend
Bitcoin price managed to settle above the $26,000 resistance area. BTC climbed sharply above the $26,200 and $26,500 resistance levels. It even climbed above the $27,000 level, but the bullish momentum was lacking.
A high was formed near $27,184 and the price is now correcting. There was a decline below the $27,000 support. It is now trading below the 23.6% Fib retracement level of the recent rise from the $26,253 low to $27,184 high.
Bitcoin price is now trading above $26,500 and the 100 hourly simple moving average. Moreover, there is a major bullish trend line forming with support near $26,600 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on 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 $27,500 resistance could spark a bullish move in the near term. The next major resistance is near the $28,500 level, above which the bulls could send BTC towards the $29,200 resistance area.
Are dips supported in BTC?
If bitcoin price fails to overcome the $27,200 resistance, it could continue to move lower. On the downside, an immediate support is near the $26,700 level.
The next major support is near the $26,600 level and the trend line. It is close to the 61.8% Fib retracement level of the recent rise from the $26,253 low to $27,184 high. The main support is now near the $26,250, below which the price can gain bearish momentum towards $25,750. Any further losses in the near term could send the price towards $25,200.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Key Support Levels – $26,600, followed by $26,250.
Key Resistance Levels – $27,200, $27,500 and $28,500.
