2023-9-6 06:20 |
Bitcoin price is consolidating above $25,650 and $25,500. BTC could start a decent increase if the bulls manage to push it above the $26,200 resistance.
Bitcoin is trading in a range above the $25,650 support zone. The price is trading below $26,000 and the 100 hourly Simple moving average. There is a short-term bearish trend line forming with resistance near $25,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could take a major hit if it continues to struggle below the $26,200 resistance zone. Bitcoin Price Starts ConsolidationBitcoin price remained in a range and settled well below the $26,200 resistance zone. It seems like BTC bulls are currently protecting a downside break below the $25,650 and $25,500 support levels.
It is clearly consolidating above the $25,650 level. However, it is also below $26,000 and the 100 hourly Simple moving average. Besides, there is a short-term bearish trend line forming with resistance near $25,800 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $25,800 level and the trend line. The first major resistance is near the $26,000 level or the 23.6% Fib retracement level of the main decline from the $28,150 swing high to the $25,330 low.
The next major resistance is now near the $26,200 level. A proper close above the $26,200 level might start a decent recovery wave toward $26,750. It is close to the 50% Fib retracement level of the main decline from the $28,150 swing high to the $25,330 low.
Source: BTCUSD on TradingView.com
The next major resistance is near $27,000, above which the bulls might gain strength. In the stated case, the price could test the $28,000 level.
Another Drop In BTC?If Bitcoin fails to clear the $26,200 resistance, it could continue to move down. Immediate support on the downside is near the $25,650 level.
The next major support is near the $25,350 level. A downside break and close below the $25,350 level might send the price further lower. In the stated case, the price could drop toward $24,800 or even $24,500.
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 – $25,650, followed by $25,350.
Major Resistance Levels – $25,800, $26,000, and $26,200.
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