HomeBitcoin NewsBitcoin Price Analysis: BTC Recovery Faces Key Resistance

Bitcoin Price Analysis: BTC Recovery Faces Key Resistance

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  • Bitcoin price started a recovery wave above the $26,500 resistance against the US Dollar.
  • The price is now trading above $26,800 and the 55 simple moving average (4 hours).
  • There is a major bearish trend line forming with resistance near $28,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could rise further if it clears the $28,000 resistance zone.

Bitcoin price is recovering above $26,500 against the US Dollar. BTC might extend its recovery if it stays above the $26,400 support zone.

Bitcoin Price Analysis

Bitcoin price remained well supported near the $25,500 zone. The price formed a base and started a recovery wave above the $26,500 level.

There was a decent increase above the $26,800 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 $30,222 swing high to the $25,234 low.

The price is now trading above $26,800 and the 55 simple moving average (4 hours). However, it is facing a key resistance near the $28,000 zone. There is also a major bearish trend line forming with resistance near $28,000 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 $30,222 swing high to the $25,234 low. The next major resistance might be near the $28,300 zone.

A clear move above the $28,300 level might send the price towards $29,000, above which the price might rise towards the $30,000 resistance. Any more gains might push the price towards the $32,000 zone. If there is no upside break, the price might start a fresh decline below $27,000.

The first major support is near the $26,450 level. The next key support is near the $26,250 level, below which the price might accelerate lower.

In the stated case, the price could decline towards the $25,500 level. Any more losses might send the price towards the $24,500 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin price is clearly trading above $26,500 and the 55 simple moving average (4 hours). Overall, the price could rise further if it clears the $28,000 resistance zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $26,400 and $26,250.

Key Resistance Levels – $28,000, $28,300 and $30,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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