- Bitcoin price started a decent increase above the $26,500 zone against the US Dollar.
- The price is now trading above $26,850 and the 55 simple moving average (4 hours).
- There is a connecting bullish trend line forming with support near $26,880 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $26,200 support zone.
Bitcoin price is showing positive signs above $26,500 against the US Dollar. BTC might correct lower, but dips could be limited below the $26,200 zone.
Bitcoin Price Analysis
Bitcoin price started a decent increase above the $26,200 resistance zone. The price remained stable above the $26,200 level and traded in a positive zone.
There was a clear move above the $26,500 level and the 55 simple moving average (4 hours). The price even rallied above the $27,000 resistance zone. However, the price seems to be struggling near the $27,500 zone. A high was formed near $27,499 and the price is now consolidating gains.
The price traded below $27,250 but it is still well above the 23.6% Fib retracement level of the upward move from the $24,900 swing low to the $27,499 high. The price is now trading above $26,850 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $27,500 level. The first major resistance is near the $28,250 level, above which the price could rise toward the $30,000 zone.
Any more gains might send the price toward the $32,500 zone. If there is no upside break, the price might start a downside correction below $27,000. There is also a connecting bullish trend line forming with support near $27,880 on the 4-hour chart of the BTC/USD pair.
The next key support is near the $26,200 level or the 50% Fib retracement level of the upward move from the $24,900 swing low to the $27,499 high. Any more losses might call for a move toward the $25,550 support zone.
Looking at the chart, Bitcoin price is trading above $26,880 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $26,200 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $26,880 and $26,200.
Key Resistance Levels – $27,500, $28,200, and $30,000.
