- Bitcoin price started a recovery wave above the $25,400 resistance against the US Dollar.
- The price is now trading above $25,850 and the 55 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $26,450 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could rise further if it clears the $26,450 resistance zone.
Bitcoin price is recovering above $25,500 against the US Dollar. BTC might extend its recovery if it stays above the $25,400 support zone.
Bitcoin Price Analysis
Bitcoin price remained well supported near the $25,000 zone. The price formed a base and started a recovery wave above the $25,800 level.
There was a decent increase above the $26,000 resistance zone and the 55 simple moving average (4 hours). The pair surpassed the 23.6% Fib retracement level of the downward move from the $28,184 swing high to the $24,900 low.
The price is now trading above $25,800 and the 55 simple moving average (4 hours). However, it is facing a key resistance near the $26,450 zone. There is also a major bearish trend line forming with resistance near $26,450 on the 4-hour chart of the BTC/USD pair.
The trend line is near the 50% Fib retracement level of the downward move from the $28,184 swing high to the $24,900 low. The next major resistance might be near the $26,950 zone.
A clear move above the $26,950 level might send the price toward $28,000, above which the price might rise toward the $28,800 resistance. Any more gains might push the price toward the $30,000 zone. If there is no upside break, the price might start a fresh decline below $25,850.
The first major support is near the $25,400 level. The next key support is near the $25,000 level, below which the price might accelerate lower.
In the stated case, the price could decline towards the $24,200 level. Any more losses might send the price towards the $24,000 level.
Looking at the chart, Bitcoin price is trading above $25,800 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $26,450 resistance 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 – $25,400 and $25,000.
Key Resistance Levels – $26,450, $26,950 and $28,000.
