Bitcoin worth tried a contemporary enhance above the $26,500 resistance. However, BTC didn’t settle above $26,700 and reacted to the draw back.
- Bitcoin continues to be struggling to clear $26,500 and $26,700.
- The worth is buying and selling above $26,200 and the 100 hourly Simple transferring common.
- There is a connecting bullish development line forming with help close to $26,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might once more climb larger until there’s a shut beneath $26,200 and $26,000.
Bitcoin Price Faces Uphill Task
Bitcoin worth began an honest restoration wave from the $26,000 support zone. BTC climbed larger above the $26,350 and $26,500 resistance ranges.
The worth even spiked above the $26,700 resistance. However, the bears defended extra positive aspects. A excessive was fashioned close to $26,818 and there was a robust rejection sample. The worth trimmed all positive aspects and declined beneath the $26,500 degree.
It even dived beneath $26,200. A low is fashioned close to $26,100 and the worth is now trying a contemporary enhance. Bitcoin is buying and selling above $26,200 and the 100 hourly Simple moving average. There can be a connecting bullish development line forming with help close to $26,200 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is close to the $26,450 degree. It is near the 50% Fib retracement degree of the downward transfer from the $26,818 swing excessive to the $26,100 low.
Source: BTCUSD on TradingView.com
The subsequent key resistance could possibly be close to the $26,650 degree or the 76.4% Fib retracement degree of the downward transfer from the $26,818 swing excessive to the $26,100 low. To begin a restoration wave, the worth should settle above $26,650. In the said case, the worth might climb towards the $27,000 resistance. Any extra positive aspects may name for a transfer towards the $27,500 degree.
Another Decline In BTC?
If Bitcoin fails to start out a contemporary enhance above the $26,450 resistance, it might begin one other decline. Immediate help on the draw back is close to the $26,200 degree and the development line.
The subsequent main help is close to the $26,000 degree. A draw back break and shut beneath the $26,000 degree may begin one other main decline. The subsequent help sits at $25,400. Any extra losses may name for a take a look at of $25,000.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $26,200, adopted by $26,000.
Major Resistance Levels – $26,450, $26,650, and $27,000.
