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Bitcoin worth is rising above the $26,500 resistance. BTC might acquire bullish momentum if it settles above the $27,200 and $27,500 resistance ranges.

• Bitcoin is slowly shifting larger above the $26,500 resistance.
• The worth is buying and selling above $26,500 and the 100 hourly Simple shifting common.
• There is a key bullish development line forming with help close to $26,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might rise additional if it clears the $27,200 and $27,500 resistance ranges.

Bitcoin Price Eyes Sustained Upward Move

Bitcoin worth managed to settle above the $26,000 resistance zone. BTC climbed larger steadily above the $26,200 and $26,500 resistance ranges. It even spiked above the $27,000 degree however there was an absence of bullish momentum.

A excessive is fashioned close to $27,184 and the value is now correcting good points. There was a transfer beneath the $27,000 help. It is now buying and selling beneath the 23.6% Fib retracement degree of the current improve from the $26,253 swing low to the $27,184 excessive.

Bitcoin worth is now buying and selling above $26,500 and the 100 hourly Simple moving average. Besides, there’s a key bullish development line forming with help close to $26,600 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, the value is dealing with resistance close to the $27,200 degree. The subsequent main resistance is close to the $27,500 degree. A shut above the $27,500 resistance would possibly spark bullish strikes within the close to time period. The subsequent main resistance is close to the $28,500 degree, above which the bulls would possibly ship BTC towards the $29,200 resistance zone.

Are Dips Supported in BTC?

If Bitcoin’s worth fails to clear the $27,200 resistance, it might proceed to maneuver down. Immediate help on the draw back is close to the $26,700 degree.

The subsequent main help is close to the $26,600 degree and the development line. It is near the 61.8% Fib retracement degree of the current improve from the $26,253 swing low to the $27,184 excessive. The important help is now close to $26,250, beneath which the value would possibly acquire bearish momentum towards $25,750. Any extra losses would possibly ship the value towards $25,200 within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 degree.

Major Support Levels – $26,600, adopted by $26,250.

Major Resistance Levels – $27,200, $27,500, and $28,500.