Bitcoin value is holding positive factors above the $26,200 zone. BTC appears to be forming a base for a recent improve above $26,850 within the coming classes.
- Bitcoin is eyeing a key upside break above the $26,850 degree.
- The value is buying and selling above $26,100 and the 100 hourly Simple transferring common.
- There is a key bullish pattern line forming with help close to $26,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair appears to be organising for a recent rally above the $26,850 resistance.
Bitcoin Price Could Rally Above $27K
Bitcoin value began an honest improve above the $26,000 resistance zone. BTC remained well-bid above the Fib retracement degree of the upward transfer from the $24,925 swing low to the $27,212 excessive.
There was a detailed above the $26,500 resistance zone. However, the bears appear to be defending an upside break above the $26,850 resistance. The latest excessive was shaped close to $26,833 earlier than there was one other draw back correction.
There was a transfer towards the 50% Fib retracement degree of the latest improve from the $26,154 swing low to the $26,833 excessive. Bitcoin is now buying and selling above $26,100 and the 100 hourly Simple moving average. There can also be a key bullish pattern line forming with help close to $26,300 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is close to the $26,720 degree. The first main resistance is close to the $26,850 degree. The subsequent key resistance may very well be close to the $27,200 degree.
Source: BTCUSD on TradingView.com
A profitable transfer above the $26,850 resistance after which a detailed above $27,200 may spark one other bullish wave. The subsequent main resistance is close to $28,000, above which the bulls may acquire power. In the acknowledged case, the value may take a look at the $28,800 degree.
Another Rejection In BTC?
If Bitcoin fails to start out a recent improve above the $26,850 resistance, it may proceed to maneuver down. Immediate help on the draw back is close to the $26,300 degree and the pattern line.
The pattern line is close to the 76.4% Fib retracement degree of the latest improve from the $26,154 swing low to the $26,833 excessive. The subsequent main help is close to the $26,000 degree. A draw back break and shut under the $26,000 degree may ship the value towards the important thing help at $25,550.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $26,300, adopted by $26,000.
Major Resistance Levels – $26,720, $26,850, and $27,200.
