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Bitcoin price is climbing above the $26,000 resistance. If there is a clear move above the $26,800 area, BTC could continue to rise.
- Bitcoin started a recovery wave above the $26,000 resistance.
- The price is trading well above the $26,000 and 100 hourly simple moving averages.
- There is a major bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to move higher if it overcomes the $26,650 and $26,800 resistance levels.
Bitcoin price back to $26,000
Bitcoin price remained well bid above the $25,500 resistance area. As a result, BTC started a fresh recovery wave above the $26,000 resistance area and even broke $26,200.
The bulls pushed the price above the $26,500 level. A high was formed near $26,793 and the price is now consolidating gains. It is now trading above the 23.6% Fib retracement level of the move from the $24,751 low to $26,793 high.
Bitcoin price is now trading above the $26,000 and 100 hourly simple moving averages. Moreover, there is a major bearish trend line forming with resistance near $26,200 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
If there is another increase, the price may face resistance near $26,650. The next major resistance is near the $26,800 level. A clear move above the $26,800 resistance could push the price higher. The next major resistance is near the $27,200 level, above which the bulls could send BTC towards the $27,500 resistance area.
Dips Limited in BTC?
If bitcoin price fails to overcome the $26,800 resistance, it could start a downside correction. On the downside, an immediate support is near the $26,300 level.
The next major support is near the $26,200 level and the trend line, below which the price could start a test of the 100 hourly simple moving average. A key support is now near the $25,750 level or the 50% Fib retracement level of the $24,751 swing high to $26,793 high. 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 below the 50 level.
Key Support Levels – $26,200, followed by $26,000.
Key Resistance Levels – $26,650, $26,800 and $27,200.
