Bitcoin price is moving higher above the $26,200 resistance. BTC could gain bullish momentum if there is a daily close above the $26,500 resistance.
- Bitcoin is showing a few positive signs above the $26,200 level.
- The price is trading above $26,000 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support near $26,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh rally if there is a close above $26,500 and then a move above $27,000.
Bitcoin Price Eyes Upside Break
Bitcoin price remained well-bid above the $25,500 support zone. BTC formed a base and recently started a fresh increase above the $26,000 resistance zone.
There was a sharp spike above the $26,500 resistance zone. However, there was no close above the $26,500 resistance zone. The price traded as high as $27,212 and there was a nasty bearish reaction. The price reversed its gains and traded below the $26,650 level.There was a move below the 23.6% Fib retracement level of the upward move from the $24,925 swing low to the $27,212 high. Bitcoin is now trading above $26,000 and the 100 hourly Simple moving average.
Besides, there is a connecting bullish trend line forming with support near $26,050 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,500 level. The first major resistance is near the $26,650 level.