Bitcoin Price Still Vulnerable Unless It Surges Past $26,500
Bitcoin price is attempting an upside break above the $26,200 resistance. BTC must clear $26,200 and $26,500 to start a decent recovery wave.
Bitcoin is still struggling to clear the $26,500 resistance zone.
The price is trading above $26,000 and the 100 hourly Simple moving average.
There was a break above a short-term bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could attempt a fresh increase if it clears $26,200 and $26,500.
Bitcoin Price Faces Hurdles
Bitcoin price started a short-term upward move from the $25,720 zone. BTC was able to climb above the $26,000 resistance zone but it is still facing a lot of hurdles.
During the recent increase, it broke the 23.6% Fib retracement level of the downward move from the $26,779 swing high to the $25,778 low. Besides, there was a break above a short-term bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $26,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $26,175 and $26,200 levels.
A clear move above the $26,200 level might send the price toward the key resistance at $26,500. Intermediate resistance is near the 61.8% Fib retracement level of the downward move from the $26,779 swing high to the $25,778 low at $26,400.
Source: BTCUSD on TradingView.com
To start a decent increase, the price must settle above $26,500. In the stated case, the price could test the $27,000 level. Any more gains might set the pace for a larger increase toward $28,200.
Fresh Decline In BTC?
If Bitcoin fails to clear the $26,200 resistance, it could start another decline. Immediate support on the downside is near the $25,900 level.
The next major support is near the $25,800 level. A downside break below the $25,800 level might push the price further lower. In the stated case, the price could drop toward $25,400.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $25,800, followed by $25,400.
Major Resistance Levels – $26,200, $26,500, and $27,000.
Filed under: Bitcoin - @ August 29, 2023 3:20 am