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Bitcoin

Bitcoin Price Shows Signs of Weakness But Key Uptrend Support Intact

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

Bitcoin price spiked higher above the $29,000 level. BTC corrected lower and is currently consolidating above the $28,000 pivot level.

  • Bitcoin gained pace above the $28,500 resistance but upsides were limited.
  • The price is trading above $28,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase unless there is a clear move below the $27,650 support.

Bitcoin Price Fails To Retain Gains

Bitcoin price managed to climb further higher above the $28,200 resistance levels. BTC even spiked above the $28,500 and $28,800 resistance levels.

However, upsides were limited above the $29,000 level. A high was formed near $29,190 before the price started a fresh downside correction. There was a move below the $28,800 and $28,500 levels. The price tested the 50% Fib retracement level of the upward wave from the $26,600 swing low to $29,190 high.

Bitcoin price is now trading above $28,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $28,500 level. The next major resistance is near the $28,850 zone. The main resistance is now forming near the $29,200 level. A clear move above the $29,200 level might pump the price towards the $30,000 resistance. Any more gains might call for a test of the $32,000 resistance zone.

More Losses in BTC?

If bitcoin price fails to clear the $28,800 resistance, it could start another decline. An immediate support on the downside is near the $27,900 zone or the trend line.

The next major support is near the $27,680 zone and the 100 hourly simple moving average. It is near the 61.8% Fib retracement level of the upward wave from the $26,600 swing low to $29,190 high. A downside break below the $27,680 support might spark a fresh decline. The next major support is near the $27,210 level, below which the price might test $26,600.

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 – $27,680, followed by $27,210.

Major Resistance Levels – $28,500, $28,800 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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