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Bitcoin price is trying to climb higher 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 $25,200 support.
- The price is trading below the $25,750 and 100 hourly simple moving averages.
- There is a major bearish trend line forming with resistance near $25,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to move higher if it clears $25,750 and the 100 hourly simple moving average.
bitcoin attempts price recovery
Bitcoin price remained in a bearish zone below the $26,200 resistance area. BTC extended its decline below the $25,500 support and even declined further below $25,000.
A low formed near $24,751 and the price is now attempting a recovery wave. There was a clear move above the $25,000 and $25,200 resistance levels. The price climbed above the 50% Fib retracement level of the decline from the $26,062 high to $24,751 low.
Bitcoin price is now trading below the $25,750 and 100 hourly simple moving averages. Moreover, there is a major bearish trend line forming with resistance near $25,680 on the hourly chart of the BTC/USD pair.
The pair is now facing resistance near the trend line and the 100 hourly simple moving average. It is close to the 61.8% Fibonacci retracement level of the decline from the $26,062 high to $24,751 low. The next major resistance is near the $25,750 level.
Source: BTCUSD on TradingView.com
A clear move above the $25,750 resistance could start a fresh increase. The next major resistance is near the $26,200 level, above which the bulls could send BTC towards the $26,500 resistance area.
Fresh decline in BTC?
If bitcoin price fails to overcome the $25,750 resistance, it could start another decline. On the downside, an immediate support 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 mentioned case, the price could decline towards the $24,000 support in the near term.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Key Support Levels – $25,200, followed by $24,820.
Major Resistance Levels – $25,680, $25,750 and $26,200.
