Bitcoin price is currently holding steady near the $26,750 support level and the $26,600 mark. The cryptocurrency could see a fresh increase if it manages to break above the $27,550 resistance zone. The price is trading above $26,800 and the 100 hourly Simple moving average, indicating a bullish trend.
According to data from Kraken, there was a break above a key bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair. The pair could start a fresh increase if it stays above $26,750 and the 100 hourly SMA.
Bitcoin price started a minor downside correction after it failed to clear the $27,700 and $27,800 resistance levels. The price formed a high near $27,677 before it corrected lower. The price declined below the 23.6% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high. The price tested a major support near the $26,800 level and the 100 hourly Simple moving average.
A close above the $27,550 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might rise toward the $28,400 resistance. Any more gains might send the price toward the $28,800 level.
However, if Bitcoin’s price fails to clear the $27,550 resistance, it could start a fresh decline. Immediate support on the downside is near the $27,000 level and the 100 hourly SMA. The next major support is near the $26,750 zone or the 50% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high. In the stated case, it could revisit the $26,200 level. Any more losses might take Bitcoin toward the $26,000 level in the near term.
As per technical indicators, the MACD is now gaining pace in the bullish zone, and the RSI for BTC/USD is now above the 50 level. Major support levels are at $26,750, followed by $26,200, while major resistance levels are at $27,250, $27,550, and $28,300.
Source: TradingView.com
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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