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

Bitcoin worth is holding the $26,400 help zone. BTC may acquire bullish momentum if there’s a shut above the $27,000 resistance zone.

• Bitcoin is holding good points above the $26,200 help degree.
• The worth is buying and selling above $26,500 and the 100 hourly Easy shifting common.
• There’s a connecting bullish development line forming with help close to $26,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin a gentle enhance if it settles above $26,850 after which $27,000.

Bitcoin Worth Holds Floor

Bitcoin worth began a decent increase above the $26,200 resistance zone. BTC even climbed above the $26,800 degree however failed to remain within the optimistic zone.

There was a minor draw back correction beneath $26,550. The worth traded as little as $26,412 and is presently making an attempt a recent enhance. There was a transfer above the 50% Fib retracement degree 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 Simple moving average. There’s additionally a connecting bullish development 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 degree or the 61.8% Fib retracement degree 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 degree. The subsequent key resistance could possibly be close to the $27,000 degree.

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 acquire power. Within the said case, the value may check the $28,500 degree.

One other Drop In BTC?

If Bitcoin fails to start out a recent enhance above the $26,850 resistance, it may react to the draw back. Quick help on the draw back is close to the $26,500 degree and the development line.

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

Technical indicators:

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

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

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

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