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• Bitcoin price is attempting a fresh increase from the $25,500 zone against the US Dollar.
• There was a break above a key bearish trend line with resistance near $26,900 on the 4-hour chart of the BTC/USD pair.
• The bulls must clear the $27,350 and $27,700 resistance levels to start another increase towards $28,500 and beyond.
Bitcoin Price Analysis
Bitcoin price is rising from $25,500 against the US Dollar. BTC might eye another increase if the bulls remain active above the $26,550 zone. A base was formed and there was a move above the 50% Fib retracement level of the key decline from the $28,431 swing high to the $25,351 low. Moreover, there was a break above a key bearish trend line with resistance near $26,900 on the 4-hour chart of the BTC/USD pair.
Immediate Resistance Levels
Immediate resistance on the upside is near the $27,350 level. The next major resistance might be near the $27,700 zone or 76.4% Fib retracement level ofthe key decline fromthe$28,431swing hightothe$25351low.Aclearmoveabovethe$27350and$27700resistanceslevelsmight sendthepricetoward$28500Anymoregainsmightpushthepricetowardthe$29500zone .
Signs of Bearish Reversal
If there is no upside break in Bitcoin’s price it might start a fresh decline below th e$26800levelandth e55simplemovingaverage(4hours)Thefirstmajor supportisnear$26550Thenextkeysupportisnearthe$26000levelbelowwhichtheprice mightacceleratelower Inthestatedcasethepricecoulddeclinetowardsthe$25500leve lincoming sessions.
The MACD is now losing momentum in bullish zone while RSI (Relative Strength Index) is above 50 level; both suggesting more gains in Bitcoin prices ahead if bulls remain active above 26550 mark and manage to push prices past 27350 mark as well as 27700 levels respectively.
Overall Bitcoin’s price could gain further momentum if it clears key resistances at 27350 and 27700 levels respectively; however failure to do so may result into bears taking control again pushing prices down towards 25500 support mark once again