Bitcoin Breaks Resistance Levels, Aims Higher
The price of Bitcoin has surpassed the resistance levels at $26,500 and $26,700, gaining momentum in the process. It is currently trading above $26,700 and the 100 hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair from Kraken, there is a notable bullish trend line forming with support around $26,800.
Bitcoin Price Surges and Consolidates
Bitcoin remained stable above the $26,000 support zone and started a steady increase. Bulls successfully pushed the price above the $26,700 resistance level and even reached a high near $27,312. Currently, the price is consolidating its gains after a minor decline below the 23.6% Fibonacci retracement level.
Key Resistance and Support Levels
The price of Bitcoin is trading above $26,700 and the 100 hourly SMA. The immediate resistance on the upside is around $27,200, followed by a key resistance level near $27,500. A close above this level could lead to further gains towards the $28,200 resistance. However, if there is a downside correction, immediate support lies at $26,800 along with the bullish trend line.
Possible Dips and Support Levels
In case Bitcoin fails to break above the $27,200 resistance level, there might be a downside correction. The first major support on the downside is at around $26,800 along with the trend line. Further down lies another significant support level near $26,500 or the 50% Fibonacci retracement level. If this level is breached and closed below, it could trigger another significant decline with potential support at $26,000 or even $25,400.
Technical Indicators
The MACD on the hourly chart is currently losing momentum in the bullish zone. However, the Relative Strength Index (RSI) for BTC/USD is above the 50 level, indicating positive market sentiment.
Hot Take: Bitcoin Continues to Show Strength
Bitcoin has shown resilience by breaking through key resistance levels and maintaining stability above important support zones. With a bullish trend line forming and the price trading above the 100 hourly SMA, there is potential for further gains. However, a failure to break above the $27,200 resistance level could result in a downside correction. Traders should monitor support levels at $26,800 and $26,500 to assess potential dips. Overall, Bitcoin’s performance indicates strength in the market.
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