Bitcoin price is holding gains above the $26,200 zone. BTC seems to be forming a base for a fresh increase above $26,850 in the coming sessions.
- Bitcoin is eyeing a key upside break above the $26,850 level.
- The price is trading above $26,100 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $26,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair seems to be setting up for a fresh rally above the $26,850 resistance.
Bitcoin Price Could Rally Above $27K
Bitcoin price started a decent increase above the $26,000 resistance zone. BTC remained well-bid above the Fib retracement level of the upward move from the $24,925 swing low to the $27,212 high.
There was a close above the $26,500 resistance zone. However, the bears seem to be protecting an upside break above the $26,850 resistance. The recent high was formed near $26,833 before there was another downside correction.There was a move toward the 50% Fib retracement level of the recent increase from the $26,154 swing low to the $26,833 high. Bitcoin is now trading above $26,100 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $26,300 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $26,720 level. The first major resistance is near the $26,850 level. The next key resistance could be near the $27,200 level.