/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
Bitcoin price erased yesterday’s losses and climbed above $26,500. BTC is now again facing a strong resistance near the $27,400 area.
- Bitcoin started a fresh decline after diving towards the $25,500 support.
- The price is trading above the $26,500 and 100 hourly simple moving averages.
- There was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now facing a major hurdle near the $27,400 and $27,500 levels.
Bitcoin price returns to $27,500 again
After a major decline, bitcoin price found support near the $25,400 area. BTC formed a base and was able to start a recovery wave above the $26,000 level.
There was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair. The pair was able to overcome the $27,000 resistance to move into the positive zone. However, the bears were again active near the $27,400 and $27,500 levels.
A high was formed near $27,368 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent rise from the $25,369 low to $27,368 high.
Bitcoin price is trading well above the $26,500 and 100 hourly simple moving averages. An 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 higher.
Source: BTCUSD on TradingView.com
The next major resistance is near the $28,000 level. A break and close above $28,000 could start a decent move towards $28,500. Any further gains above the $28,500 resistance area could send the price towards the $29,500 resistance area.
Fresh decline in BTC?
If bitcoin price fails to overcome the $27,400 resistance, it could start another decline. On the downside, an immediate support is near the $26,800 level and the 100 hourly SMA.
The next major support is near the $26,400 area or the 50% Fib retracement level of the recent rise from the $25,369 low to $27,368 high, below which the price could resume bearish momentum. In the mentioned case, the price could decline towards the $26,000 support.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Key Support Levels – $26,400, followed by $26,000.
Key Resistance Levels – $27,400, $27,500 and $28,500.
