Bitcoin price is gaining pace above the $26,700 resistance. BTC is consolidating above $26,800 and might continue to rise above the $27,200 resistance.
- Bitcoin gained pace above the $26,500 and $26,700 resistance levels.
- The price is trading above $26,700 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate higher above the $27,200 resistance zone.
Bitcoin Price Aims Higher
Bitcoin price remained stable above the $26,000 support zone. BTC formed a base and started a steady increase above the $26,500 resistance zone.
The bulls finally managed to pump the price above the $26,700 resistance. It even spiked above the $27,200 level. A high is formed near $27,312 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $26,100 swing low to the $27,312 high.
Bitcoin is trading above $26,700 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $26,800 on the hourly chart of the BTC/USD pair.
Source:
Immediate resistance on the upside is near the $27,200 level. The next key resistance could be near the $27,500 level. A close above the $27,500 resistance could send the price further higher. In the stated case, the price could climb toward the $28,200 resistance. Any more gains might call for a move toward the $28,500 level. Meanwhile, the market in Germany is experiencing similar trends, with growing player activity pushing the industry toward new heights.
Are Dips Limited In BTC?
If Bitcoin fails to continue higher above the $27,200 resistance, there could be a downside correction. Immediate support on the downside is near the $26,800 level and the trend line.
The next major support is near the $26,500 level or the 50% Fib retracement level of the upward move from the $26,100 swing low to the $27,312 high. A downside break and close below the $26,500 level might start another major decline. The next support sits at $26,000. Any more losses might call for a test of $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 – $26,800, followed by $26,500.
Major Resistance Levels – $27,200, $27,500, and $28,000.
