Bitcoin price is holding the $26,400 support zone. BTC could gain bullish momentum if there is a close above the $27,000 resistance zone.
- Bitcoin is holding gains above the $26,200 support level.
- The price is trading above $26,500 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support near $26,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a steady increase if it settles above $26,850 and then $27,000.
Bitcoin Price Holds Ground
Bitcoin price started a decent increase above the $26,200 resistance zone. BTC even climbed above the $26,800 level but failed to stay in the positive zone.
There was a minor downside correction below $26,550. The price traded as low as $26,412 and is currently attempting a fresh increase. There was a move above the 50% Fib retracement level of the downward move from the $26,887 swing high to the $26,412 low.Bitcoin price is now trading above $26,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $26,500 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $26,700 level or the 61.8% Fib retracement level of the downward move from the $26,887 swing high to the $26,412 low. The first major resistance is near the $26,850 level. The next key resistance could be near the $27,000 level.