{"id":181478,"date":"2023-09-18T03:39:05","date_gmt":"2023-09-18T03:39:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=181478"},"modified":"2023-09-18T03:39:05","modified_gmt":"2023-09-18T03:39:05","slug":"bitcoin-price-holds-strong-at-100-sma-a-strengthening-case-for-upside","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-price-holds-strong-at-100-sma-a-strengthening-case-for-upside\/","title":{"rendered":"Bitcoin Price Holds Strong At 100 SMA \u2013 A Strengthening Case For Upside"},"content":{"rendered":"<p><em>Bitcoin price is holding the $26,400 support zone. BTC could gain bullish momentum if there is a close above the $27,000 resistance zone.<\/em><\/p>\n<ul>\n<li>Bitcoin is holding gains above the $26,200 support level.<\/li>\n<li>The price is trading above $26,500 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bullish trend line forming with support near $26,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a steady increase if it settles above $26,850 and then $27,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price Holds Ground<\/h2>\n<p>Bitcoin price started a decent increase above the $26,200 resistance zone. BTC even climbed above the $26,800 level but failed to stay in the positive zone.<\/p>\n<p>There was a minor downside correction below $26,550. The price traded as low as $26,412 and is currently attempting a fresh increase. There was a move above the 50% Fib retracement level of the downward move from the $26,887 swing high to the $26,412 low.<\/p>\n<p>Bitcoin price is now trading above $26,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support near $26,500 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Immediate resistance on the upside is near the $26,700 level or the 61.8% Fib retracement level of the downward move from the $26,887 swing high to the $26,412 low. The first major resistance is near the $26,850 level. The next key resistance could be near the $27,000 level.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2023\/09\/Bitcoin-11.png?resize=1024%2C468\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>A successful close above the $26,850 resistance and $27,200 could spark another bullish wave. The next major resistance is near $27,500, above which the bulls could gain strength. In the stated case, the price could test the $28,500 level.<\/p>\n<h2>Another Drop In BTC?<\/h2>\n<p>If Bitcoin fails to start a fresh increase above the $26,850 resistance, it could react to the downside. Immediate support on the downside is near the $26,500 level and the trend line.<\/p>\n<p>The next major support is near the $26,200 level. A downside break and close below the $26,200 level might send the price toward the next support at $25,650.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $26,500, followed by $26,200.<\/p>\n<p>Major Resistance Levels \u2013 $26,700, $26,850, and $27,000.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-holds-strong-26200\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is holding the $26,400 support<\/p>\n","protected":false},"author":3,"featured_media":181477,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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