Bitcoin worth is holding the $26,400 help zone. BTC may achieve bullish momentum if there’s a shut above the $27,000 resistance zone.
- Bitcoin is holding beneficial properties above the $26,200 help stage.
- The worth is buying and selling above $26,500 and the 100 hourly Simple shifting common.
- There is a connecting bullish development line forming with help close to $26,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin a gradual improve if it settles above $26,850 after which $27,000.
Bitcoin Price Holds Ground
Bitcoin worth began a decent increase above the $26,200 resistance zone. BTC even climbed above the $26,800 stage however failed to remain within the constructive zone.
There was a minor draw back correction under $26,550. The worth traded as little as $26,412 and is presently trying a contemporary improve. There was a transfer above the 50% Fib retracement stage of the downward transfer from the $26,887 swing excessive to the $26,412 low.
Bitcoin worth is now buying and selling above $26,500 and the 100 hourly Simple moving average. There can be a connecting bullish development line forming with help close to $26,500 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is close to the $26,700 stage or the 61.8% Fib retracement stage of the downward transfer from the $26,887 swing excessive to the $26,412 low. The first main resistance is close to the $26,850 stage. The subsequent key resistance may very well be close to the $27,000 stage.
Source: BTCUSD on TradingView.com
A profitable shut above the $26,850 resistance and $27,200 may spark one other bullish wave. The subsequent main resistance is close to $27,500, above which the bulls may achieve power. In the said case, the value may take a look at the $28,500 stage.
Another Drop In BTC?
If Bitcoin fails to begin a contemporary improve above the $26,850 resistance, it may react to the draw back. Immediate help on the draw back is close to the $26,500 stage and the development line.
The subsequent main help is close to the $26,200 stage. A draw back break and shut under the $26,200 stage would possibly ship the value towards the subsequent help at $25,650.
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 stage.
Major Support Levels – $26,500, adopted by $26,200.
Major Resistance Levels – $26,700, $26,850, and $27,000.
