• Bitcoin price is correcting losses from the $26,000 zone against the US Dollar.
• There is a major bearish trend line forming with resistance near $27,250 on the 4-hour chart of the BTC/USD pair.
• The pair could start a fresh increase if it clears the $27,250 resistance zone.
Bitcoin Price Analysis
Bitcoin price is rising from $26,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $26,250 zone. There was a clear move below the $27,500 and $27,200 support levels and even tested the $26,000 support zone before starting a fresh increase. There is also a major bearish trend line forming with resistance near $27,250 on the 4-hour chart of the BTC/USD pair.
Key Support & Resistance Levels
Immediate resistance on the upside is near the $27,200 level. There is also a major bearish trend line forming with resistance near $27,250 on the 4-hour chart of the BTC/USD pair. The next major resistance might be near the $27,850 zone or 50% Fib retracement level of downward move from swing high to low point. A clear move above this level might send bitcoin price toward $28,500 and potentially towards$30k mark in days ahead Major support levels are at$26750 and then at$ 27k respectively .
4 hours MACD – The MACD is now gaining momentum in bullish zone while 4 hours RSI (Relative Strength Index) –The RSI has risen back above 53 and 56 marks respectively which indicates that bullish momentum has increased in past few hours .
Overall , Bitcoin’s price is trading near 27k region and 55 simple moving average (4 hours). If bulls manage to push prices beyond 27250 area , then we can expect further rise towards 28500 as well as 30k mark . However any downside break below 26750 will take prices back to 26000 region in short term .