Bitcoin Struggles to Recover Above $26,600 Resistance Zone
Bitcoin price is currently facing challenges as it tries to recover above the $26,600 resistance zone. The price is trading below both the $26,500 level and the 100 hourly Simple Moving Average. However, there is a short-term bullish trend line forming with support near $26,050 on the BTC/USD hourly chart (data feed from Kraken). If Bitcoin fails to break above the resistance, it could continue to move down and trade below the $26,000 support.
Key Points:
– Bitcoin price is struggling to recover above the $26,600 resistance zone.
– The price is trading below $26,500 and the 100 hourly Simple Moving Average.
– A short-term bullish trend line is forming with support near $26,050.
– Immediate resistance levels are at $26,400 and $26,500.
– The next major resistance is near $27,000.
Bitcoin Price Turns Red
Bitcoin price initiated a recovery wave from the $24,800 support zone and managed to surpass the $25,000 and $25,500 resistance levels. However, it is currently facing several hurdles near $26,600. The price is still trading below $26,500 and the 100 hourly Simple Moving Average. On the bright side, there is a short-term bullish trend line with support around $26,050 on the BTC/USD hourly chart. If Bitcoin manages to stay above the trend line, it could attempt another recovery wave.
Key Points:
– Bitcoin price started a recovery wave from the $24,800 support zone.
– It faces hurdles near $26,600 and is trading below the $26,500 level and the 100 hourly Simple Moving Average.
– A short-term bullish trend line is forming with support near $26,050.
– Immediate resistance is at $26,400, followed by $26,500 and the 100 hourly Simple Moving Average.
– A clear move above the 100 hourly SMA could trigger a recovery toward the $27,000 resistance.
Another Decline In BTC?
If Bitcoin fails to break above the $26,500 resistance, it could potentially continue to move down. The immediate support on the downside is around the $26,000 zone and the trend line. The next major support is near $25,600, and a break below this level might push the price further into a bearish zone, potentially dropping toward $25,000.
Key Points:
– Bitcoin may face another decline if it fails to clear the $26,500 resistance.
– Immediate support is near $26,000 and the trend line.
– The next major support is at $25,600.
– Technical indicators are showing bearish signals.
– Major resistance levels are at $26,500, $27,000, and $27,500.
Hot Take:
Bitcoin’s struggle to recover above the $26,600 resistance zone indicates a potential decline in its price. While there is a short-term bullish trend line forming with support near $26,050, the inability to break above the resistance levels could lead to further downward movement. It’s important to keep an eye on the immediate support levels at $26,000 and $25,600, as a break below them could push the price into a bearish zone. The future trajectory of Bitcoin will largely depend on its ability to overcome these hurdles and gain momentum.
By
By
By
By
By
By