Above the $26,250 resistance, the price of bitcoin began to rebound. In the event that BTC closes above the $27,000 resistance, the positive trend may continue.

  • Over the $26,250 support area, Bitcoin is gradually heading upward.
  • The price is currently trading over $26,250, as is the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a converging positive trend line is formed, with support located close to $26,250.
  • If the pair overcomes the $27,000 resistance, it may continue to advance.

Bitcoin Price Recovers

The price of bitcoin remained strongly above the $25,800 mark. Above $26,050, BTC built a base and launched a recovery wave. The bulls were successful in raising the price above $26,250.

Additionally, the $26,500 resistance was broken. The pricing finally tested the $26,780 range. Near $26,779, a high has formed, and the price is currently consolidating its gains. It is currently trading barely below the previous wave’s recent wave from the $25,360 swing low to the $26,779 high, or the 23.6% Fib retracement level.

On the upside, the $26,600 mark serves as immediate resistance. The price may advance toward the $27,000 resistance if it rises above the first significant resistance, which is now located near the $26,780 mark. A strong advance into the $27,500 resistance zone could be launched by a closure above the $27,000 resistance. Any additional gains might set the stage for a faster rise to $28,200.

See also  Dex Trade Volumes Increase by 32% in October

Are Dips Supported In BTC?

The $26,780 barrier level represents a potential negative correction for Bitcoin. The $26,250 area and the trend line provide immediate support on the downside.

The 50% Fib retracement level of the recent wave from the $25,360 swing low to the $26,779 high is close to the $26,050 level, which is where the next significant support is located. A downward break below $26,050 might send the price back into bearish territory. In the described scenario, the cost might decrease to $25,550.


Leave a Reply