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Bitcoin Price Is Primed For Rally And Only 1 Thing is Holding it Back

Started by Bitcoin, Sep 14, 2023, 06:31 am

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Bitcoin

Bitcoin Price Is Primed For Rally And Only 1 Thing is Holding it Back

Bitcoin price is moving higher above the $26,200 resistance. BTC could gain bullish momentum if there is a daily close above the $26,500 resistance.



  • Bitcoin is showing a few positive signs above the $26,200 level.

  • The price is trading above $26,000 and the 100 hourly Simple moving average.

  • There is a connecting bullish trend line forming with support near $26,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could start a fresh rally if there is a close above $26,500 and then a move above $27,000.


Bitcoin Price Eyes Upside Break


Bitcoin price remained well-bid above the $25,500 support zone. BTC formed a base and recently started a fresh increase above the $26,000 resistance zone.


There was a sharp spike above the $26,500 resistance zone. However, there was no close above the $26,500 resistance zone. The price traded as high as $27,212 and there was a nasty bearish reaction. The price reversed its gains and traded below the $26,650 level.


There was a move below the 23.6% Fib retracement level of the upward move from the $24,925 swing low to the $27,212 high. Bitcoin is now trading above $26,000 and the 100 hourly Simple moving average.


Besides, there is a connecting bullish trend line forming with support near $26,050 on the hourly chart of the BTC/USD pair. Immediate resistance on the upside is near the $26,500 level. The first major resistance is near the $26,650 level.


Bitcoin Price


Source: BTCUSD on TradingView.com


The next key resistance could be near the $27,200 level. A proper close above the $26,500 level and then a break above $27,200 might start a decent increase. The next major resistance is near $28,000, above which the bulls could gain strength. In the stated case, the price could test the $28,800 level.


Fresh Drop In BTC?


If Bitcoin fails to start a fresh increase above the $26,500 resistance, it could continue to move down. Immediate support on the downside is near the $26,050 level and the trend line.


The next major support is near the $25,800 level or the 61.8% Fib retracement level of the upward move from the $24,925 swing low to the $27,212 high. A downside break and close below the $25,800 level might send the price toward the key support at $25,550.


Technical indicators:


Hourly MACD - The MACD is now losing pace in the bullish zone.


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


Major Support Levels - $26,050, followed by $25,800.


Major Resistance Levels - $26,500, $26,650, and $27,200.


Source: Bitcoin Price Is Primed For Rally And Only 1 Thing is Holding it Back