Bitcoin (BTCUSDT) 12-Hour Chart

 

BTC got rejected at $26,800, and the price has retraced to $26,600. 

Over the last four weeks, there have been multiple attempts where the price has tried to break through $26,800, but every time it got rejected. But also bearing in mind that it is making that level of resistance weaker. If the price can break through $26,800, then I think there will be a short squeeze, as the late short trades have their stop losses just above that line and would thus get liquidated as the price moves higher. 

The next major level of resistance after that is at both the 200 Moving Average on the daily and the daily descending resistance line from July, which is at around $27,650. This will definitely be a very tough resistance to break through in one go. 

The range low resistance area of $26,300 will currently be acting as support, with the next major area of support below that at $24,800 - $25,800.