Bitcoin price tested the $25,350 zone and is currently recovering. BTC must clear the $26,200 resistance to start a decent increase in the near term. Bitcoin is attempting a recovery wave from the $25,350 zone. The price is trading below $26,200 and the 100 hourly Simple moving average. There was a break above a major bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent increase if it clears $26,200 and the 100 hourly SMA. Bitcoin Price Faces Hurdles Bitcoin price remained in a bearish zone below the $27,000 resistance zone. BTC extended its decline and traded below the $26,000 level. There was also a spike below $25,500 and the price tested $25,350. A low was formed near $25,333 and the price is now attempting a recovery wave. There was a minor increase above the $25,800 resistance. The price climbed above the 23.6% Fib retracement level of the downward move from the $28,150 swing high to the $25,333 low. Besides, there was a break above a major bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair. However, Bitcoin is still trading below $26,200 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $26,200 level and the 100 hourly SMA. The first major resistance is near the $26,750 level or the 50% Fib retracement level of the downward move from the $28,150 swing high to the $25,333 low. Source: BTCUSD on TradingView.com The main resistance is now forming near the $27,000 level. A clear move above the $27,000 level might send the price toward $27,500. The next major resistance is near $28,000, above which there could be a decent upward move. In the stated case, the price could test the $28,800 level. Another Decline In BTC? If Bitcoin fails to clear the $26,200 resistance, it could start another decline. Immediate support on the downside is near the $25,650 level. The next major support is near the $25,350 level. A downside break below the $25,350 level might send the price further lower. In the stated case, the price could drop toward $24,800. 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 – $26,200, $26,750, and $27,000.
