Bitcoin Price Recovers
Bitcoin is slowly moving higher above the $26,250 support zone. The price is trading above $26,250 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support near $26,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it clears the $27,000 resistance.
Key Points:
- Bitcoin price remains above the $26,250 support zone and the 100 hourly Simple moving average.
- A connecting bullish trend line is forming with support near $26,250 on the hourly chart.
- The price has recovered above the $26,500 resistance level.
- Immediate resistance is near the $26,780 level, with further resistance at $27,000 and $27,500.
- If the price fails to clear the $26,780 resistance, it could start a downside correction with support at $26,250 and $26,050.
Hot Take:
Bitcoin’s recovery is a positive sign for the cryptocurrency. If it continues to rise and clears the $27,000 resistance, it could indicate a further increase in price. However, if it fails to break the resistance, a downside correction may occur. Traders should keep an eye on the support levels mentioned to gauge the market’s next move.
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