The upside break above the $26,200 resistance is being attempted by the price of bitcoin. BTC needs to clear $26,200 and $26,500 before a strong recovery wave can begin.
- Bitcoin is still having trouble breaking through the $26,500 resistance level.
- Over $26,000 and the 100 hourly Simple Moving Average, the price is currently trading.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break over a short-term negative trend line with resistance above $26,000 took place.
- If the couple clears $26,200 and $26,500, they might try another rise.
Bitcoin Price Faces Hurdles
From the $25,720 region, the price of bitcoin began a short-term upward movement. BTC managed to get above the $26,000 resistance area, but there are still many obstacles in its way.
The 23.6% Fib retracement level of the decline from the $26,779 swing high to the $25,778 low was broken during the most recent rally. On the hourly chart of the BTC/USD pair, a break over a short-term negative trend line with resistance above $26,000 also occurred.
The 100 hourly Simple moving average and $26,000 are currently being traded above by Bitcoin. On the upside, at the $26,175 and $26,200 levels is immediate resistance.
Price could go toward the important barrier at $26,500 if there is a clear move above the $26,200 mark. The 61.8% Fib retracement level of the decline from the swing high of $26,779 to the low of $25,778 at $26,400 acts as intermediate resistance.
The price needs to stabilize over $26,500 in order to begin a respectable climb. The price may test the $27,000 mark in the scenario given. Any additional gains might lay the stage for a faster rise to $28,200.
Fresh Decline In BTC?
Bitcoin may begin a new slump if it is unable to overcome the $26,200 resistance. On the downside, there is immediate support close to the $25,900 mark.
Near the $25,800 mark, there is the next significant support. The price could fall even farther if it breaks below the $25,800 mark on the downside. In the described scenario, the cost might decrease to $25,400.
Technical signs:
- Hourly MACD: The MACD has started to slow down in the positive area.
- Relative Strength Index (RSI) hourly – The BTC/USD RSI is currently higher than 50.
- $25,800 is the first Major Support Level, followed by $25,400.
- Three significant resistance levels exist: $26,200, $26,500, and $27,000.
