Bitcoin worth climbed increased and examined the $27,500 resistance. BTC is correcting good points, but it surely may begin one other improve except there’s a transfer under $26,500.
- Bitcoin is holding good points above the $26,500 assist degree.
- The worth is buying and selling above $26,550 and the 100 hourly Simple shifting common.
- There is a key bullish development line forming with assist close to $26,600 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin one other improve if it stays above the $26,500 assist zone.
Bitcoin Price Eyes Another Increase
Bitcoin worth remained in a constructive zone above the $26,200 resistance zone. BTC began a fresh increase and cleared the $26,500 resistance zone.
There was a powerful push above the $27,000 degree earlier than the bears appeared close to $27,500. A excessive was shaped close to $27,468 and the worth lately corrected good points. There was a drop under the $27,000 degree. The worth declined under the 50% Fib retracement degree of the upward transfer from the $26,412 swing low to the $27,468 excessive.
Bitcoin is now buying and selling above $26,550 and the 100 hourly Simple moving average. There can be a key bullish development line forming with assist close to $26,600 on the hourly chart of the BTC/USD pair.
The worth is now holding the 76.4% Fib retracement degree of the upward transfer from the $26,412 swing low to the $27,468 excessive. It is consolidating good points and may eye a recent improve. Immediate resistance on the upside is close to the $26,950 degree.
The first main resistance is close to the $27,500 zone, above which the worth may achieve tempo. The subsequent key resistance could possibly be close to the $28,200 degree. A transparent transfer above the $28,200 resistance may ship the worth towards the $29,000 resistance.
Source: BTCUSD on TradingView.com
The subsequent main resistance is close to $29,500, above which the bulls may achieve power. In the acknowledged case, the worth may check the $30,000 degree.
More Downsides In BTC?
If Bitcoin fails to begin a recent improve above the $26,950 resistance, it may proceed to maneuver decrease. Immediate assist on the draw back is close to the $26,600 degree and the development line.
The subsequent main assist is close to the $26,500 degree. A draw back break and shut under the $26,500 degree may ship the worth towards the following assist at $26,000.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 degree.
Major Support Levels – $26,600, adopted by $26,500.
Major Resistance Levels – $26,950, $27,200, and $27,500.
