Bitcoin Eyes Upside Break Above $26,850
The price of Bitcoin is on the verge of breaking above the key level of $26,850. Currently, it is trading above $26,100 and the 100 hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair, a bullish trend line is forming with support near $26,300.
Bitcoin Price Could Rally Above $27K
Bitcoin’s price has experienced a decent increase above the resistance zone at $26,000. It has remained well-supported above the Fibonacci retracement level of the upward move from the swing low of $24,925 to the high of $27,212.
Although there was a close above the resistance zone at $26,500, there seems to be resistance preventing an upside break above $26,850. The recent high was around $26,833 before a subsequent correction occurred.
Bitcoin is currently trading above $26,100 and the 100 hourly SMA. Additionally, a key bullish trend line is forming with support near $26,300 on the BTC/USD pair’s hourly chart.
The immediate resistance on the upside is near the level of $26,720. The first major resistance lies at around $26,850, followed by another key resistance near $27,200.
Source: BTCUSD on TradingView.com
If there is a successful move above the resistance at $26,850 and subsequently a close above $27,200, it could trigger another bullish wave. The next major resistance is near $28,000, and if surpassed, the bulls could strengthen their position. In this scenario, the price could test the level of $28,800.
Another Rejection in BTC?
If Bitcoin fails to initiate a fresh increase above the resistance at $26,850, it may continue to move downwards. The immediate support on the downside is near the level of $26,300 and the trend line.
The trend line coincides with the 76.4% Fibonacci retracement level of the recent increase from the swing low of $26,154 to the high of $26,833. The next significant support is near the level of $26,000. A downward break and close below this level could potentially send the price towards the key support at $25,550.
Technical Indicators:
– Hourly MACD: The MACD is currently gaining momentum in the bullish zone.
– Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level.
– Major Support Levels: $26,300, followed by $26,000.
– Major Resistance Levels: $26,720, $26,850, and $27,200.
Hot Take: Bitcoin Poised for Upside Break
Bitcoin’s price is showing signs of an impending upside break as it hovers near the key resistance level of $26,850. With strong support above $26,100 and a bullish trend line forming around $26,300 on the hourly chart of BTC/USD pair, a rally beyond $27K seems likely. Breaking above $27K could spark further bullish momentum with resistance levels at $28K and potentially higher. However, failure to break above $26,850 could lead to a downside move, with immediate support levels at $26,300 and $26,000. Technical indicators suggest a bullish scenario, with the MACD gaining momentum in the bullish zone and the RSI above 50.
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