Bitcoin price remained strong above the $25,500 zone. BTC could soon attempt a recovery wave above the $26,500 resistance zone in the near term.
Bitcoin is still consolidating above the $25,500 support zone.
The price is trading near $26,050 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance near $25,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent increase if there is a clear wave above the $26,500 resistance.
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BTC Bulls Pushing for Recovery Above Resistance. Bitcoin Price Eyes Recovery
The price of Bitcoin has experienced a recent decline, falling below the $25,800 zone and reaching levels as low as $25,359. However, the downside was limited and the price has since rebounded, climbing above the $26,000 level and testing $26,150. The current trading price is near $26,050, supported by the 100 hourly Simple Moving Average and above the 23.6% Fibonacci retracement level. The immediate resistance level is at $26,150, with the next major resistance at $26,250. If the price manages to close above this level, it may continue towards the $26,500 resistance zone. On the hourly chart of the BTC/USD pair, a bearish trend line with resistance near $25,900 has been broken, indicating a potential upward trend. BTC Bulls Pushing for Recovery Above Resistance.
If the price surpasses the $26,500 mark, it may move towards the resistance zone of $27,000. In order to initiate a significant increase, the price must settle above the $27,000 level. A close above the $27,000 resistance could trigger a considerable increase towards the $27,800 resistance zone. Further gains could potentially set the pace for a larger increase towards $28,150.
Another Decline In BTC?
If Bitcoin fails to clear the $26,250 resistance, it could start another decline. Immediate support on the downside is near the $25,850 zone.
The next major support is near the $25,550 level or the 76.4% Fib retracement level of the recent increase from the $25,359 swing low to the $26,155 high. A downside break below the $25,550 level might push the price again into a bearish zone. In the stated case, the price could drop toward $25,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $25,850, followed by $25,550.
Major Resistance Levels – $26,250, $26,500, and $27,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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