Bitcoin Price Holds Strong At 100 SMA – A Strengthening Case For Upside

Sep 18, 2023 04:00 am Cryptocurrency 78

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.

Bitcoin is holding gains above the $26,200 support level.

The price is trading above $26,500 and the 100 hourly Simple moving average.

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).

The pair could start a steady increase if it settles above $26,850 and then $27,000.

Bitcoin Price Holds Ground

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.

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.

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