Bitcoin price is rising from $25,400 against the US Dollar. BTC might eye another increase if the bulls remain active above the $26,400 zone.
Bitcoin Price Analysis
Bitcoin price remained well-bid above the $25,400 level. A base was formed and the price was able to avoid more losses below the $25,400 level. The bulls remained active and were able to slowly push the price above the $26,000 level.
There was a move above the 23.6% Fib retracement level of the recent drop from the $27,402 swing high to the $25,385 low. Bitcoin price is now trading below $26,500 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $27,200 level. There is also a major bearish trend line forming with resistance near $26,300 on the 4-hour chart of the BTC/USD pair. The trend line is just below the 50% Fib retracement level of the recent drop from the $27,402 swing high to the $25,385 low.
The next major resistance might be near the $26,640 zone. A clear move above the $26,400 and $26,640 resistance levels might send the price toward $27,500.
Any more gains might push the price toward the $28,000 zone. If there is no upside break, the price might start a fresh decline below the $26,000 level. The first major support is near $25,550. The next key support is near the $25,400 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $25,000 level in the coming sessions.
Looking at the chart, Bitcoin’s price is trading below $26,500 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $26,400 resistance zone.
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $25,550 and $25,400.
Key Resistance Levels – $26,200, $26,350, and $26,500.