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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin
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Bitcoin Price Trims Losses But Key Breakout Resistance Is Still Intact

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

Bitcoin price trimmed yesterday’s losses and climbed above $26,500. BTC is now again facing strong resistance near the $27,400 zone.

  • Bitcoin started a fresh decline after it dived toward the $25,500 support.
  • The price is trading above $26,500 and the 100 hourly Simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now facing a major hurdle near the $27,400 and $27,500 levels.

Bitcoin Price Revisits $27,500

Bitcoin price found support near the $25,400 zone after a major decline. BTC formed a base and was able to start a recovery wave above the $26,000 level.

There was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair. The pair was able to clear the $27,000 resistance to move into a positive zone. However, the bears were again active near the $27,400 and $27,500 levels.

A high is formed near $27,368 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent increase from the $25,369 swing low to the $27,368 high.

Bitcoin price is trading above $26,500 and the 100 hourly Simple moving average. Immediate resistance is near the $27,400 level. The next major resistance is near the $27,500 level. A close above $27,500 might send the price further higher.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next key resistance is near the $28,000 level. An upside break and close above $28,000 could start a decent increase toward $28,500. Any more gains above the $28,500 resistance zone might send the price toward the $29,500 resistance zone.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $27,400 resistance, it could start another decline. Immediate support on the downside is near the $26,800 level and the 100 hourly SMA.

The next major support is near the $26,400 zone or the 50% Fib retracement level of the recent increase from the $25,369 swing low to the $27,368 high, below which the price might regain bearish momentum. In the stated case, the price could drop toward the $26,000 support.

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 above the 50 level.

Major Support Levels – $26,400, followed by $26,000.

Major Resistance Levels – $27,400, $27,500, 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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