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Bitcoin value climbed increased and examined the $27,500 resistance. BTC is correcting positive factors, but it surely may begin one other enhance until there’s a transfer beneath $26,500.

• Bitcoin is holding positive factors above the $26,500 help degree.
• The value is buying and selling above $26,550 and the 100 hourly Simple transferring 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 may begin one other enhance if it stays above the $26,500 help zone.

Bitcoin Price Eyes Another Increase

Bitcoin value remained in a optimistic zone above the $26,200 resistance zone. BTC began a fresh increase and cleared the $26,500 resistance zone.

There was a powerful push above the $27,000 degree earlier than the bears appeared close to $27,500. A excessive was shaped close to $27,468 and the worth lately corrected positive factors. There was a drop beneath the $27,000 degree. The value declined beneath the 50% Fib retracement degree of the upward transfer from the $26,412 swing low to the $27,468 excessive.

Bitcoin is now buying and selling above $26,550 and the 100 hourly Simple moving average. There can also be a key bullish development line forming with help close to $26,600 on the hourly chart of the BTC/USD pair.

The value is now holding the 76.4% Fib retracement degree of the upward transfer from the $26,412 swing low to the $27,468 excessive. It is consolidating positive factors and would possibly eye a recent enhance. Immediate resistance on the upside is close to the $26,950 degree.

The first main resistance is close to the $27,500 zone, above which the worth may achieve tempo. The subsequent key resistance might be close to the $28,200 degree. A transparent transfer above the $28,200 resistance may ship the worth towards the $29,000 resistance.

Source: BTCUSD on TradingView.com

The subsequent main resistance is close to $29,500, above which the bulls may achieve energy. In the said case, the worth may take a look at the $30,000 degree.

More Downsides In BTC?

If Bitcoin fails to start out a recent enhance above the $26,950 resistance, it may proceed to maneuver decrease. Immediate help on the draw back is close to the $26,600 degree and the development line.

The subsequent main help is close to the $26,500 degree. A draw back break and shut beneath the $26,500 degree would possibly ship the worth towards the following help at $26,000.

Technical indicators:

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

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

Major Support Levels – $26,600, adopted by $26,500.

Major Resistance Levels – $26,950, $27,200, and $27,500.