Bitcoin Price Analysis: BTC Recovery Faces Key Resistance
Bitcoin price started a recovery wave above the $26,500 resistance against the US Dollar.
The price is now trading above $26,800 and the 55 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $28,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
The pair could rise further if it clears the $28,000 resistance zone.
Bitcoin price is recovering above $26,500 against the US Dollar. BTC might extend its recovery if it stays above the $26,400 support zone.
Bitcoin Price Analysis
Bitcoin price remained well supported near the $25,500 zone. The price formed a base and started a recovery wave above the $26,500 level.
There was a decent increase above the $26,800 resistance zone and the 55 simple moving average (4 hours). The pair surpassed the 23.6% Fib retracement level of the downward move from the $30,222 swing high to the $25,234 low.
The price is now trading above $26,800 and the 55 simple moving average (4 hours). However, it is facing a key resistance near the $28,000 zone. There is also a major bearish trend line forming with resistance near $28,000 on the 4-hour chart of the BTC/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $30,222 swing high to the $25,234 low. The next major resistance might be near the $28,300 zone.
A clear move above the $28,300 level might send the price towards $29,000, above which the price might rise towards the $30,000 resistance. Any more gains might push the price towards the $32,000 zone. If there is no upside break, the price might start a fresh decline below $27,000.
The first major support is near the $26,450 level. The next key support is near the $26,250 level, below which the price might accelerate lower.
In the stated case, the price could decline towards the $25,500 level. Any more losses might send the price towards the $24,500 level.
Looking at the chart, Bitcoin price is clearly trading above $26,500 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $28,000 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $26,400 and $26,250.
Key Resistance Levels – $28,000, $28,300 and $30,000.
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Filed under: Bitcoin - @ August 30, 2023 3:08 am