Bitcoin price is attempting a recovery wave above the $25,200 resistance. BTC must clear the 100 hourly SMA to continue higher in the near term.
- Bitcoin is slowly recovering higher above the $25,200 support.
- The price is trading below $25,750 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance near $25,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if it clears $25,750 and the 100 hourly Simple moving average.
Bitcoin Price Attempts Recovery
Bitcoin price remained in a bearish zone below the $26,200 resistance zone. BTC extended its decline below the $25,500 support and even spiked below $25,000.
A low is formed near $24,751 and the price is now attempting a recovery wave. There was a clear move above the $25,000 and $25,200 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $26,062 swing high to the $24,751 low.The pair is now facing resistance near the trend line and the 100 hourly Simple moving average. It is close to the 61.8% Fib retracement level of the downward move from the $26,062 swing high to the $24,751 low. The next major resistance is near the $25,750 level.
