Bitcoin price is recovering higher above the $27,000 resistance. BTC must clear the $27,800 resistance to start a decent increase in the near term.
- Bitcoin tested the $26,000 support zone and is currently recovering higher.
- The price is trading above $26,500 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move higher if it clears the $27,500 and $27,800 resistance levels.
Bitcoin Price Starts Recovery
Bitcoin price extended its decline below the $27,000 support zone. BTC even moved below the $26,200 level before the bulls appeared.
A low was formed near $25,851 and the price is now correcting losses. There was a decent increase above the $26,500 resistance level. There was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above the 50% Fib retracement level downward move from the $28,334 swing high to the $25,851 low. It is also trading above $26,500 and the 100 hourly Simple moving average.
Immediate resistance is now forming near the $27,400 level. It is close to the 61.8% Fib retracement level downward move from the $28,334 swing high to the $25,851 low. The next major resistance is near the $27,800 level.
Source: BTCUSD on TradingView.com
A close above the $27,800 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might climb toward the $28,500 resistance.
More Losses 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 $27,000 level and the 100 hourly Simple moving average.
The next major support is near the $26,500 zone, below which the price might start a decent decline. In the stated case, it could revisit the $26,000 level. Any more losses might take Bitcoin toward the $25,500 level in the near term. The next major support could be $25,000.
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 – $27,000, followed by $26,500.
Major Resistance Levels – $27,400, $27,800, and $28,000.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Buy and Sell Shares in PRE-IPO Companies with PREIPO®. Access Here.
- Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-restarts-increase-27k/
- :is
- 000
- 100
- 200
- 50
- 500
- a
- above
- also
- and
- Another
- any
- appeared
- average
- BE
- bearish
- before
- below
- Bitcoin
- Bitcoin Price
- Break
- BTC
- BTC/USD
- Bullish
- Bulls
- but
- by
- case
- Chart
- clear
- climb
- Close
- continue
- could
- Currently
- data
- Decline
- downside
- downward
- Even
- fails
- followed
- For
- formed
- from
- gaining
- High
- higher
- HTTPS
- if
- immediate
- in
- Increase
- index
- Indicators
- IT
- ITS
- Key
- key resistance
- Kraken
- Level
- levels
- Line
- losses
- Low
- MACD
- major
- max-width
- might
- more
- move
- moving
- moving average
- must
- Near
- NewsBTC
- next
- now
- of
- on
- Pace
- pair
- plato
- Plato Data Intelligence
- PlatoData
- price
- recovering
- relative strength index
- Resistance
- retracement
- rsi
- Simple
- start
- starts
- stated
- strength
- support
- support levels
- Swing
- Take
- The
- There.
- this
- to
- toward
- Trading
- TradingView
- Trend
- was
- which
- with
- zephyrnet