{"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":"
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 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 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 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 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 Source: BTCUSD on TradingView.com<\/p>\n 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 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 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 Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n Major Support Levels \u2013 $26,500, followed by $26,200.<\/p>\n Major Resistance Levels \u2013 $26,700, $26,850, and $27,000.<\/p>\n\n
Bitcoin Price Holds Ground<\/h2>\n
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Another Drop In BTC?<\/h2>\n