Bitcoin Price Holds Strong At 100 SMA – A Strengthening Case For Upside

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 positive factors above the $26,200 help stage.
• The value is buying and selling above $26,500 and the 100 hourly Easy shifting common.
• There’s a connecting bullish pattern 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 gentle improve if it settles above $26,850 after which $27,000.

Bitcoin Worth Holds Floor

Bitcoin worth began a good improve above the $26,200 resistance zone. BTC even climbed above the $26,800 stage however failed to remain within the optimistic zone.

There was a minor draw back correction beneath $26,550. The value traded as little as $26,412 and is at present 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 Easy shifting common. There may be additionally a connecting bullish pattern line forming with help close to $26,500 on the hourly chart of the BTC/USD pair.

Quick 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 primary main resistance is close to the $26,850 stage. The subsequent key resistance could possibly be close to the $27,000 stage.

Supply: 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. Within the said case, the worth may take a look at the $28,500 stage.

One other Drop In BTC?

If Bitcoin fails to start out a contemporary improve above the $26,850 resistance, it may react to the draw back. Quick help on the draw back is close to the $26,500 stage and the pattern line.

The subsequent main help is close to the $26,200 stage. A draw back break and shut beneath the $26,200 stage may ship the worth towards the following help at $25,650.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

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

Main Assist Ranges – $26,500, adopted by $26,200.

Main Resistance Ranges – $26,700, $26,850, and $27,000.