Bitcoin Holds Gains Above $26,200 Support Level
The price of Bitcoin has managed to hold onto its gains and remain above the $26,200 support level. It is currently trading above $26,500 and the 100 hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair, there is a bullish trend line forming with support near $26,500.
Bitcoin Price Holds Ground
Bitcoin’s price experienced a decent increase above the $26,200 resistance zone. It even surpassed the $26,800 level but failed to sustain its positive momentum. As a result, there was a minor downside correction that pushed the price below $26,550. However, Bitcoin is now attempting to make a fresh increase.
The price has moved above the 50% Fibonacci retracement level of the downward move from the $26,887 swing high to the $26,412 low. Additionally, it is currently trading above $26,500 and the 100 hourly SMA. The BTC/USD pair also has a connecting bullish trend line with support near $26,500.
Potential for Steady Increase
On the upside, immediate resistance lies near the $26,700 level or the 61.8% Fibonacci retracement level of the downward move mentioned earlier. The first major resistance is at approximately $26,850 followed by a key resistance level at $27,000.
If Bitcoin manages to settle above these resistances levels at $26,850 and $27,000 respectively, it could initiate a steady increase. This may potentially lead to another bullish wave with the next major resistance located around $27,500. If this level is surpassed as well, bulls could gain further strength and push towards testing the $28,500 level.
Possibility of Another Drop in BTC
However, if Bitcoin fails to start a fresh increase and break above the $26,850 resistance level, it could react with a downside move. Immediate support on the downside can be found near the $26,500 level and the trend line mentioned earlier. The next major support is at approximately $26,200. A break below this level may push the price towards the next support at $25,650.
Technical Indicators
Based on technical indicators, the hourly MACD (Moving Average Convergence Divergence) for BTC/USD is gaining pace in the bullish zone. Additionally, the hourly RSI (Relative Strength Index) is now above the 50 level.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Holds Steady Above Key Support Level
Bitcoin has managed to hold onto its gains and stay above the crucial support level of $26,200. The price is currently trading above $26,500 and is supported by a bullish trend line forming near $26,500. If Bitcoin can break above resistance levels at $26,850 and $27,000, it may experience a steady increase and potentially test the $28,500 level. However, if it fails to surpass these resistance levels, there is a possibility of another drop with immediate support at $26,500 and major support at $26,200. Technical indicators suggest a bullish momentum with the MACD in the bullish zone and RSI above 50.
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