Bitcoin prices face resistanceBitcoin prices remain stable above $26000. The trading price of BTC is as low as $26139 and has recently started an upward correction
Bitcoin prices face resistance
Bitcoin prices remain stable above $26000. The trading price of BTC is as low as $26139 and has recently started an upward correction. It can climb above $26250.
There is a movement above the 23.6% Fibonacci retracement level, which moves down from the swinging high of $27387 to the low of $26139. In addition, the hourly chart of the BTC/USD currency pair broke through the downward channel of resistance around $26420.
The price of Bitcoin is now close to $26500 and the 100 hour simple moving average. It seems to be facing resistance around $26750. It is close to the 50% Fibonacci retracement level, which moved down from the swinging high of $27387 to the low of $26139.
Clearly breaking through the resistance level of $26750 may begin to rise significantly. The next major resistance level is around $27000. A closing price above $27000 may further drive the price higher.
The next key resistance level is around $27400. Clearly breaking through the resistance level of $27400 may require moving towards the resistance level of $27500. Any increase above the $27500 resistance zone may push the price towards the $28500 resistance zone.
New decline in BTC?
If the price of Bitcoin fails to break through the resistance level of $27000, it may continue to decline. Another decline. The direct support level for the downward trend is around $26140.
The next major support level is around $25850, below which prices may accelerate their decline. In the above situation, the price may fall towards the support level of $25400 in the short term.
Technical indicators:
Hourly MACD - MACD is now accelerating in bearish areas.
Hourly RSI (Relative strength index) - The RSI of BTC/USD is close to 50.
The main support level is $26140, followed by $25840.
Main resistance levels - $26750, $27000, and $27400.
(Personal opinion, investment carries risks and requires caution)
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