Bitcoin Price Holds Strong At 100 SMA – A Strengthening Case For Upside

2023-09-18 03:43:39

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.

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.

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