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Bitcoin Price Starts Correction Post Rally, Why Dips Could Be Attractive

Aayush Jindal by Aayush Jindal
4 weeks ago
in BTC
Reading Time: 2 mins read

Bitcoin price rallied above $26,500 and $27,000. BTC tested the $28,000 resistance zone and is currently correcting lower toward $27,000.

  • Bitcoin jumped and cleared the $26,500 resistance zone.
  • The price is trading above $26,500 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance near $26,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting gains, but it might find bids near $27,000 or $26,700.

Bitcoin Price Regains Strength

Bitcoin price started a decent increase following news that a US court ruled in favor of Grayscale against the SEC, opening the doors for ETF. BTC gained pace and was able to clear the $26,500 resistance zone.

There was a steady increase, and the price even broke the $27,500 resistance zone. Finally, it tested the $28,000 resistance zone. A high is formed near $28,150 and the price is now correcting gains. There was a minor decline below the $27,800 level.

The price traded below the 23.6% Fib retracement level of the upward move from the $25,927 swing low to the $28,150 high. However, Bitcoin is still trading above $26,500 and the 100 hourly Simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a fresh increase, immediate resistance is near the $27,650 level. The first major resistance is near the $28,000 level. A clear move above the $28,000 level might send the price toward $28,500. The next major resistance is near $29,200, above which there could be a sustained increase. In the stated case, the price could test the $30,000 level. Any more gains might set the pace for a larger increase toward $31,200.

Are Dips Limited In BTC?

If Bitcoin fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,000 level.

The next major support is near the $26,700 level or the 61.8% Fib retracement level of the upward move from the $25,927 swing low to the $28,150 high. A downside break below the $26,700 level might push the price again into a bearish zone. In the stated case, the price could drop toward $26,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $27,000, followed by $26,700.

Major Resistance Levels – $28,000, $28,500, and $29,200.

Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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