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Bitcoin price is slowly correcting higher above $27,000. If BTC clears the $27,200 resistance area, it could start a strong rise.
- Bitcoin is attempting a fresh increase above the $27,000 level.
- The price is trading well above the $27,000 and 100 hourly simple moving averages.
- There is a key bearish trend line forming with resistance near $27,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a major increase if it clears the $27,200 and $27,400 resistance levels.
Bitcoin Price Eyes Upside Break
Bitcoin price remained stable above the $26,500 level. BTC formed a base and started a recovery wave above the $26,850 resistance area.
There was a move above the 50% Fibonacci retracement level of the downside move from the $27,269 swing high to $26,536 low. Bitcoin price is now trading above the $27,000 level and the 100 hourly simple moving average. It is also showing some positive signs above the $27,000 level.
An immediate resistance on the upside is near the $27,100 level. It is close to the 76.4% Fib retracement level of the decline from the $27,269 high to $26,536 low.
The next major resistance is near the $27,150 level. There is also a key bearish trend line forming with resistance near $27,150 on the hourly chart of the BTC/USD pair. A close above the trend line could send the price towards the $27,400 resistance area.
Source: BTCUSD on TradingView.com
The next major resistance is near the $27,550 level, above which the price could start a strong increase towards the $28,000 resistance. Any further gains could send the price towards the $28,500 level.
Fresh decline in BTC?
If bitcoin price fails to overcome the $27,150 resistance, it could start another decline. On the downside, an immediate support is near the $26,900 level and the 100 hourly simple moving average.
The next major support is near the $26,550 area, below which the price could revisit the $26,350 support. In the described case, there is a risk of a move towards the $25,800 level. Any further losses could take bitcoin towards the $25,500 level in the near term.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Key Support Levels – $26,900, followed by $26,550.
Key Resistance Levels – $27,150, $27,400 and $27,550.
