Bitcoin Bulls Keep Pushing But Faces Rejection, 100 SMA Is The Key

Bitcoin value tried a contemporary enhance above the $26,500 resistance. Nevertheless, BTC didn’t settle above $26,700 and reacted to the draw back.

• Bitcoin remains to be struggling to clear $26,500 and $26,700.
• The worth is buying and selling above $26,200 and the 100 hourly Easy shifting common.
• There’s a connecting bullish pattern line forming with assist close to $26,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might once more climb larger until there’s a shut beneath $26,200 and $26,000.

Bitcoin Worth Faces Uphill Activity

Bitcoin value began an honest restoration wave from the $26,000 assist zone. BTC climbed larger above the $26,350 and $26,500 resistance ranges.

The worth even spiked above the $26,700 resistance. Nevertheless, the bears defended extra good points. A excessive was shaped close to $26,818 and there was a robust rejection sample. The worth trimmed all good points and declined beneath the $26,500 stage.

It even dived beneath $26,200. A low is shaped 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 Easy shifting common. There’s additionally a connecting bullish pattern line forming with assist close to $26,200 on the hourly chart of the BTC/USD pair.

Rapid resistance on the upside is close to the $26,450 stage. It’s near the 50% Fib retracement stage of the downward transfer from the $26,818 swing excessive to the $26,100 low.

Supply: BTCUSD on TradingView.com

The subsequent key resistance may very well be close to the $26,650 stage or the 76.4% Fib retracement stage of the downward transfer from the $26,818 swing excessive to the $26,100 low. To start out a restoration wave, the worth should settle above $26,650. Within the said case, the worth might climb towards the $27,000 resistance. Any extra good points may name for a transfer towards the $27,500 stage.

One other Decline In BTC?

If Bitcoin fails to begin a contemporary enhance above the $26,450 resistance, it might begin one other decline. Rapid assist on the draw back is close to the $26,200 stage and the pattern line.

The subsequent main assist is close to the $26,000 stage. A draw back break and shut beneath the $26,000 stage may begin one other main decline. The subsequent assist 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 dropping tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.

Main Help Ranges – $26,200, adopted by $26,000.

Main Resistance Ranges – $26,450, $26,650, and $27,000.