Bitcoin Bulls Keep Pushing But Faces Rejection, 100 SMA Is The Key

2023-09-28 04:01:00

Bitcoin price attempted a fresh increase above the $26,500 resistance. However, BTC failed to settle above $26,700 and reacted to the downside.

Bitcoin is still struggling to clear $26,500 and $26,700.
The price is trading above $26,200 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support near $26,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could again climb higher unless there is a close below $26,200 and $26,000.

Bitcoin Price Faces Uphill Task

Bitcoin price started a decent recovery wave from the $26,000 support zone. BTC climbed higher above the $26,350 and $26,500 resistance levels.

The price even spiked above the $26,700 resistance. However, the bears defended more gains. A high was formed near $26,818 and there was a strong rejection pattern. The price trimmed all gains and declined below the $26,500 level.

It even dived below $26,200. A low is formed near $26,100 and the price is now attempting a fresh increase. Bitcoin is trading above $26,200 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $26,200 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $26,450 level. It is close to the 50% Fib retracement level of the downward move from the $26,818 swing high to the $26,100 low.

Source: BTCUSD on TradingView.com

The next key resistance could be near the $26,650 level or the 76.4% Fib retracement level of the downward move from the $26,818 swing high to the $26,100 low. To start a recovery wave, the price must settle above $26,650. In the stated case, the price could climb toward the $27,000 resistance. Any more gains might call for a move toward the $27,500 level.

Another Decline In BTC?

If Bitcoin fails to start a fresh increase above the $26,450 resistance, it could start another decline. Immediate support on the downside is near the $26,200 level and the trend line.

The next major support is near the $26,000 level. A downside break and close below the $26,000 level might start another major decline. The next support sits at $25,400. Any more losses might call for a test of $25,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $26,200, followed by $26,000.

Major Resistance Levels – $26,450, $26,650, and $27,000.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.