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Bitcoin price is consolidating above the $25,500 support. If BTC stays above the 100 hourly SMA and $26,150, it could start a fresh increase.
- Bitcoin is slowly correcting above the $25,500 support area.
- The price is trading below the $26,000 and 100 hourly simple moving averages.
- There was a break above a key bearish trend line with resistance near $25,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a recovery wave if there is an upside move above the $26,150 resistance.
bitcoin price eyes recovery
Bitcoin price formed a base above the $25,400 support area. BTC is now consolidating and slowly moving above the $25,650 level but it is facing several hurdles.
The bulls were able to push the price above the 50% Fib retracement level of the recent decline from the $26,200 high to $25,620 low. Besides, there was a break above a key bearish trend line with resistance near $25,900 on the hourly chart of the BTC/USD pair.
Bitcoin price is now testing $26,000 and the 100 hourly simple moving average. It seems to be facing resistance near the $26,000 area or the 61.8% Fib retracement level of the recent decline from the $26,200 high to $25,620 low.
The first major resistance is near the $26,150 level. A clear move above the $26,150 resistance could start a fresh increase. The next major resistance is near the $26,500 level. A close above $26,500 could start a move towards the $26,500 resistance area.
Source: BTCUSD on TradingView.com
The next major resistance is near the $26,800 level, above which bitcoin could move higher towards the $27,000 resistance. Any further gains above the $27,000 resistance area could send the price towards the $27,500 resistance area.
Another Rejection in BTC?
If bitcoin price fails to overcome the $26,150 resistance, it could start another decline. On the downside, an immediate support is near the $25,575 level.
The next major support is near the $25,400 level, below which the price is likely to witness a bearish momentum. In the mentioned case, the price could decline towards the $25,000 support in the near term.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Key Support Levels – $25,575, followed by $25,500.
Key Resistance Levels – $26,000, $26,150, and $26,500.
