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Bitcoin price is correcting gains from $28,400. BTC must stay above the $27,500 support to start a fresh increase in the near term.
- Bitcoin is correcting gains below the $28,000 support area.
- The price is trading above the $27,500 and 100 hourly simple moving averages.
- There was a break below a key bullish trend line with support near $27,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if the bulls manage to defend the $27,500 support.
bitcoin price goes down
Bitcoin price started a decent rise above the $28,000 resistance area. However, BTC struggled to clear the $28,400 and $28,500 resistance levels.
A high was formed near $28,450 and the price started a decline. There was a move below the $28,000 support area. The price declined below the 50% Fibonacci retracement level of the decline from the $27,142 low to $28,450 high.
Besides, there was a break below a key bullish trend line with support near $27,720 on the hourly chart of the BTC/USD pair. Bitcoin price is still trading above $27,500 and the 100 hourly simple moving average.
It was finding bids near the 61.8% Fibonacci retracement level of the upward move from the $27,142 swing low to $28,450 high. An immediate resistance on the upside is near the $27,800 level. The next major resistance is near the $28,000 level.
Source: BTCUSD on TradingView.com
An upside break above the $28,000 level could send the price towards the main $28,500 resistance level. A close above the $28,500 resistance area could start a strong move towards the $29,200 resistance area. The next major resistance is near the $29,400 level, above which the price could move higher towards the $30,000 resistance.
More Losses in BTC?
If bitcoin price fails to overcome the $28,000 resistance, it could continue to move lower. On the downside, an immediate support is near the $27,580 level.
The next major support is near the $27,500 area, below which the price could trade with a bearish momentum. In the mentioned case, the price could decline towards the $27,150 support and the 100 hourly simple moving average.
Technical Indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Key Support Levels – $27,580, followed by $27,500.
Key Resistance Levels – $28,000, $28,400, and $28,500.
