Bitcoin prices have attempted to rise again above the resistance level of $26500. However, BTC was unable to settle above $26700 and responded to the downward trend
Bitcoin prices have attempted to rise again above the resistance level of $26500. However, BTC was unable to settle above $26700 and responded to the downward trend.
- Bitcoin is still working to clear $26500 and $26700.
- The price is traded above the $26200 and 100 hour simple moving average.
- On the hourly chart of the BTC/USD pair, there is a connected bullish trend line that forms support around $26200.
- Unless it closes below $26200 and $26000, the currency pair may climb again.
Bitcoin prices face daunting challenges
Bitcoin prices have started a decent recovery from the $26000 support zone. BTC climbed above resistance levels of $26350 and $26500.
The price even broke through the resistance level of $26700. However, bears defended more gains. A high price has formed around $26818, and there is a strong rejection pattern. The stock narrowed all gains and fell below the $26500 level.
Even fell below $26200. The low point has formed around $26100, and prices are now attempting new increases. The transaction price of Bitcoin is above $26200, $100. Simple moving average per hour. On the hourly chart of the BTC/USD pair, there is also a connected bullish trend line, forming support around $26200.
The direct resistance level for the upward trend is around $26450. It is close to the 50% Fib retracement level that moved down from the swinging high of $26818 to the low of $26100.
The next key resistance may be around $26650 or a 76.4% Fibonacci pullback, moving downwards from the swing high of $26818 to the low of $26100. To initiate a wave of recovery, the price must be settled above $26650. In the above situation, the price may climb to the resistance level of $27000. Any further gains may need to move towards the level of $27500.
Is BTC declining again?
If Bitcoin fails to start a new round of rise above the resistance level of $26450, it may start another round of decline. The direct support for the downward trend is close to the level and trend line of $26200.
The next major support level is around $26000. If it falls below $26000, it may start another round of significant decline. The next support level is $25400. Any further losses may require a $25000 test.
Technical indicators:
The hourly MACD-MACD is now losing speed in the bearish zone.
The relative strength index (RSI) of BTC/USD per hour is currently above the 50 level.
The main level of support is $26200, followed by $26000.
The main resistance levels are - $26450, $26650, and $27000.
If you want to know more, you can follow my private message # BTC # # Digital Currency # # Cryptocurrency#
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
