{"id":30238,"date":"2023-09-28T03:52:44","date_gmt":"2023-09-28T07:52:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=30238"},"modified":"2023-09-28T03:52:44","modified_gmt":"2023-09-28T07:52:44","slug":"bitcoin-bulls-keep-pushing-but-faces-rejection-100-sma-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/28\/bitcoin-bulls-keep-pushing-but-faces-rejection-100-sma-is-the-key\/","title":{"rendered":"Bitcoin Bulls Keep Pushing But Faces Rejection, 100 SMA Is The Key"},"content":{"rendered":"

Bitcoin price attempted a fresh increase above the $26,500 resistance. However, BTC failed to settle above $26,700 and reacted to the downside.<\/em><\/p>\n

Bitcoin is still struggling to clear $26,500 and $26,700.
\nThe price is trading above $26,200 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $26,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could again climb higher unless there is a close below $26,200 and $26,000.<\/p>\n

Bitcoin Price Faces Uphill Task<\/h2>\n

Bitcoin price started a decent recovery wave from the $26,000 support zone<\/a>. BTC climbed higher above the $26,350 and $26,500 resistance levels.<\/p>\n

The price even spiked above the $26,700 resistance. However, the bears defended more gains. A high was formed near $26,818 and there was a strong rejection pattern. The price trimmed all gains and declined below the $26,500 level.<\/p>\n

It even dived below $26,200. A low is formed near $26,100 and the price is now attempting a fresh increase. Bitcoin is trading above $26,200 and the 100 hourly Simple moving average<\/a>. There is also a connecting bullish trend line forming with support near $26,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $26,450 level. It is close to the 50% Fib retracement level of the downward move from the $26,818 swing high to the $26,100 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be near the $26,650 level or the 76.4% Fib retracement level of the downward move from the $26,818 swing high to the $26,100 low. To start a recovery wave, the price must settle above $26,650. In the stated case, the price could climb toward the $27,000 resistance. Any more gains might call for a move toward the $27,500 level.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to start a fresh increase above the $26,450 resistance, it could start another decline. Immediate support on the downside is near the $26,200 level and the trend line.<\/p>\n

The next major support is near the $26,000 level. A downside break and close below the $26,000 level might start another major decline. The next support sits at $25,400. Any more losses might call for a test of $25,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish 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 $26,200, followed by $26,000.<\/p>\n

Major Resistance Levels \u2013 $26,450, $26,650, and $27,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price attempted a fresh increase above the $26,500 resistance. However, BTC failed to settle above $26,700 and reacted to the downside.<\/em><\/p>\n

Bitcoin is still struggling to clear $26,500 and $26,700.
\nThe price is trading above $26,200 and the 100 hourly Simple moving average.
\nThere is a connecting bullish trend line forming with support near $26,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could again climb higher unless there is a close below $26,200 and $26,000.<\/p>\n

Bitcoin Price Faces Uphill Task<\/h2>\n

Bitcoin price started a decent recovery wave from the $26,000 support zone<\/a>. BTC climbed higher above the $26,350 and $26,500 resistance levels.<\/p>\n

The price even spiked above the $26,700 resistance. However, the bears defended more gains. A high was formed near $26,818 and there was a strong rejection pattern. The price trimmed all gains and declined below the $26,500 level.<\/p>\n

It even dived below $26,200. A low is formed near $26,100 and the price is now attempting a fresh increase. Bitcoin is trading above $26,200 and the 100 hourly Simple moving average<\/a>. There is also a connecting bullish trend line forming with support near $26,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $26,450 level. It is close to the 50% Fib retracement level of the downward move from the $26,818 swing high to the $26,100 low.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be near the $26,650 level or the 76.4% Fib retracement level of the downward move from the $26,818 swing high to the $26,100 low. To start a recovery wave, the price must settle above $26,650. In the stated case, the price could climb toward the $27,000 resistance. Any more gains might call for a move toward the $27,500 level.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to start a fresh increase above the $26,450 resistance, it could start another decline. Immediate support on the downside is near the $26,200 level and the trend line.<\/p>\n

The next major support is near the $26,000 level. A downside break and close below the $26,000 level might start another major decline. The next support sits at $25,400. Any more losses might call for a test of $25,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bearish 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 $26,200, followed by $26,000.<\/p>\n

Major Resistance Levels \u2013 $26,450, $26,650, and $27,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-30238","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=30238"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30238\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30238"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}