15 September 2023
Bitcoin price is holding gains above the $26,200 zone. BTC seems to be forming a base for a fresh increase above $26,850 in the coming sessions.
Bitcoin is eyeing a key upside break above the $26,850 level.
The price is trading above $26,100 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $26,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair seems to be setting up for a fresh rally above the $26,850 resistance.
Bitcoin Price Could Rally Above $27K
Bitcoin price started a decent increase above the $26,000 resistance zone. BTC remained well-bid above the Fib retracement level of the upward move from the $24,925 swing low to the $27,212 high.
There was a close above the $26,500 resistance zone. However, the bears seem to be protecting an upside break above the $26,850 resistance. The recent high was formed near $26,833 before there was another downside correction.
There was a move toward the 50% Fib retracement level of the recent increase from the $26,154 swing low to the $26,833 high. Bitcoin is now trading above $26,100 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $26,300 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $26,720 level. The first major resistance is near the $26,850 level. The next key resistance could be near the $27,200 level.
Source: BTCUSD on TradingView.com
A successful move above the $26,850 resistance and then a close above $27,200 could spark another bullish wave. The next major resistance is near $28,000, above which the bulls could gain strength. In the stated case, the price could test the $28,800 level.
Another Rejection In BTC?
If Bitcoin fails to start a fresh increase above the $26,850 resistance, it could continue to move down. Immediate support on the downside is near the $26,300 level and the trend line.
The trend line is near the 76.4% Fib retracement level of the recent increase from the $26,154 swing low to the $26,833 high. The next major support is near the $26,000 level. A downside break and close below the $26,000 level might send the price toward the key support at $25,550.
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 – $26,300, followed by $26,000.
Major Resistance Levels – $26,720, $26,850, and $27,200.