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Bitcoin Price Could Correct Further Before Fresh Increase To $28K

Aayush Jindal by Aayush Jindal
1 month ago
in BTC
Reading Time: 2 mins read

Bitcoin price is correcting gains from $28,000. BTC could correct further lower toward the $26,800 zone before the bulls take a stand.

  • Bitcoin started a downside correction from the $28,150 resistance zone.
  • The price is trading above $26,600 and the 100 hourly Simple moving average.
  • There is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its decline toward $26,800 before it attempts a fresh increase.

Bitcoin Price Starts Downside Correction

Bitcoin price started a decent increase above the $27,000 resistance zone. BTC even climbed toward the $28,000 resistance zone before the bears appeared.

A high was formed near $28,150 and the price started a downside correction. There was a move below the $28,000 and $27,500 levels. The price even spiked below the $27,400 level. However, it found support near the 50% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high.

Bitcoin is still trading above $26,600 and the 100 hourly Simple moving average. Besides, there is a declining channel forming with resistance near $27,250 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $27,200 level and the channel trend line. The first major resistance is near the $27,400 level. A clear move above the $27,400 level might send the price toward $28,000. The next major resistance is near $28,150, above which there could be a sustained increase.

Bitcoin Price

Source: BTCUSD on TradingView.com

In the stated case, the price could test the $29,200 level. Any more gains might set the pace for a larger increase toward $30,500.

What’s Key Support In BTC?

If Bitcoin fails to clear the $27,400 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 $26,800 level or the 61.8% Fib retracement level of the key increase from the $25,928 swing low to the $28,150 high. A downside break below the $26,700 level might put a lot of pressure on the bulls. 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 near the 50 level.

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

Major Resistance Levels – $27,400, $28,000, and $28,500.

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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