Bitcoin is currently facing resistance at the $26,500 level and is trading near $26,100. A bullish trend line with support near $26,400 was broken, indicating a potential range-bound trading before the next significant move.
Key Points:
1. Bitcoin price started a recovery wave but faced resistance near the $26,750 zone.
2. The price declined below the $26,500 level and tested key support levels.
3. Immediate resistance is near $26,400, followed by a major resistance at $26,780.
4. To start a strong increase, the price needs to settle above the $27,000 resistance.
5. If the $26,400 resistance is not cleared, the price could continue to move down with support levels at $25,900 and $25,400.
Hot Take: Bitcoin is currently struggling to break through the resistance zone, indicating a potential continuation of range-bound trading. The price needs to surpass the $27,000 level to see a significant increase. If it fails to clear the $26,400 resistance, there is a possibility of further losses. Traders should closely monitor key support and resistance levels for potential trading opportunities.
Bitcoin Price Struggles to Clear Resistance
Bitcoin is currently facing resistance at the $26,500 level and is trading near $26,100. A bullish trend line with support near $26,400 was broken, indicating a potential range-bound trading before the next significant move.
Key Points:
- Bitcoin price started a recovery wave but faced resistance near the $26,750 zone.
- The price declined below the $26,500 level and tested key support levels.
- Immediate resistance is near $26,400, followed by a major resistance at $26,780.
- To start a strong increase, the price needs to settle above the $27,000 resistance.
- If the $26,400 resistance is not cleared, the price could continue to move down with support levels at $25,900 and $25,400.
Hot Take:
Bitcoin is currently struggling to break through the resistance zone, indicating a potential continuation of range-bound trading. The price needs to surpass the $27,000 level to see a significant increase. If it fails to clear the $26,400 resistance, there is a possibility of further losses. Traders should closely monitor key support and resistance levels for potential trading opportunities.
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