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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin
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Bitcoin Price Holds Strong At 100 SMA – A Strengthening Case For Upside

Aayush Jindal by Aayush Jindal
1 week ago
in BTC
Reading Time: 2 mins read

Bitcoin price is holding the $26,400 support zone. BTC could gain bullish momentum if there is a close above the $27,000 resistance zone.

  • Bitcoin is holding gains above the $26,200 support level.
  • The price is trading above $26,500 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support near $26,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a steady increase if it settles above $26,850 and then $27,000.

Bitcoin Price Holds Ground

Bitcoin price started a decent increase above the $26,200 resistance zone. BTC even climbed above the $26,800 level but failed to stay in the positive zone.

There was a minor downside correction below $26,550. The price traded as low as $26,412 and is currently attempting a fresh increase. There was a move above the 50% Fib retracement level of the downward move from the $26,887 swing high to the $26,412 low.

Bitcoin price is now trading above $26,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $26,500 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $26,700 level or the 61.8% Fib retracement level of the downward move from the $26,887 swing high to the $26,412 low. The first major resistance is near the $26,850 level. The next key resistance could be near the $27,000 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

A successful close above the $26,850 resistance and $27,200 could spark another bullish wave. The next major resistance is near $27,500, above which the bulls could gain strength. In the stated case, the price could test the $28,500 level.

Another Drop In BTC?

If Bitcoin fails to start a fresh increase above the $26,850 resistance, it could react to the downside. Immediate support on the downside is near the $26,500 level and the trend line.

The next major support is near the $26,200 level. A downside break and close below the $26,200 level might send the price toward the next support at $25,650.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $26,500, followed by $26,200.

Major Resistance Levels – $26,700, $26,850, and $27,000.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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