Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price is correcting higher from the $27,000 support. BTC must clear $29,000 to continue higher in the near term.
- Bitcoin formed a base and corrected higher above the $27,500 resistance.
- The price is trading above $27,800 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance near $27,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $28,400 and $29,000 resistance levels.
Bitcoin Price Eyes Fresh Increase
Bitcoin price extended its decline below the $27,500 level. However, BTC remained well-bid above the $27,000 zone. A low was formed near $26,969 before the price started an upside correction.
The price was able to climb above the $27,500 resistance. Besides, there was a break above a connecting bearish trend line with resistance near $27,600 on the hourly chart of the BTC/USD pair. It is now trading above $27,800 and the 100 hourly Simple moving average.
Bitcoin price is now facing resistance near the $28,400 level. A high is formed near $28,407 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent increase from the $26,969 low to the $28,407 high.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $28,400 level. The next major resistance sits near the $29,000 zone. A close above the $29,000 resistance could start a decent increase. In the stated case, the price may perhaps rise toward the $29,800 resistance zone. Any more gains could open the doors for a test of $30,000.
Fresh Decline in BTC?
If Bitcoin’s price fails to clear the $28,400 resistance, it could react to the downside. Immediate support on the downside is near the $28,000 level.
The next major support is near the $27,800 zone or the 50% Fib retracement level of the recent increase from the $26,969 low to the $28,407 high. A downside break and close below the $27,680 support might push the price toward the $27,500 support. Any more losses might take Bitcoin toward $27,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $28,000, followed by $27,680.
Major Resistance Levels – $28,400, $29,000, and $30,000.
