Bitcoin price is recovering higher above the $27,000 resistance. BTC must clear the $27,800 resistance to start a decent increase in the near term.
- Bitcoin tested the $26,000 support zone and is currently recovering higher.
- The price is trading above $26,500 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move higher if it clears the $27,500 and $27,800 resistance levels.
Bitcoin Price Starts Recovery
Bitcoin price extended its decline below the $27,000 support zone. BTC even moved below the $26,200 level before the bulls appeared.
A low was formed near $25,851 and the price is now correcting losses. There was a decent increase above the $26,500 resistance level. There was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair.Bitcoin price is now trading above the 50% Fib retracement level downward move from the $28,334 swing high to the $25,851 low. It is also trading above $26,500 and the 100 hourly Simple moving average.
Immediate resistance is now forming near the $27,400 level. It is close to the 61.8% Fib retracement level downward move from the $28,334 swing high to the $25,851 low. The next major resistance is near the $27,800 level.