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Bitcoin price is consolidating above the $27,500 support. BTC could start a fresh increase unless there is a clear move and a close below $27,500.
- Bitcoin is still holding the key $27,500 support area.
- The price is trading above the $27,550 and 100 hourly simple moving averages.
- There is a major bearish trend line forming with resistance near $27,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh rise if there is a break above the $28,000 resistance area.
bitcoin price holds support
Bitcoin price started a decline after it failed to clear the $28,500 resistance area. BTC declined below the $28,200 and $28,000 levels.
There was also a decline below the $27,800 level, but the bulls were active near the $27,500 support. A low was formed near $27,559 and the price is now consolidating. The 50% Fibonacci retracement level of the recent decline from the $28,045 high to $27,559 low has already been tested.
Bitcoin price is now trading above $27,550 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $27,850 on the hourly chart of the BTC/USD pair.
An immediate resistance on the upside is near the $27,850 level and the trend line. The next major resistance is near the $28,000 level or the 76.4% Fib retracement level of the recent decline from the $28,045 high to $27,559 low.
Source: BTCUSD on TradingView.com
A break and close above $28,000 could start a steady rise towards $28,500. If the bulls manage to clear the $28,500 resistance area, it could send the price towards the $29,200 resistance area. The next major resistance is near the $29,500 level, above which the price could move higher towards the $30,000 resistance.
Downside Break 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 $27,550 level.
The next major support is near the $27,500 area and the 100 hourly SMA, below which the price could start a sustained decline. In the mentioned case, the price could decline towards the $27,000 support.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Key Support Levels – $27,550, followed by $27,500.
Key Resistance Levels – $28,000, $28,400, and $28,500.
