Bitcoin price is slowly rising above $27,000. BTC could start a strong increase if it breaks the $27,200 resistance zone.
- Bitcoin is attempting a fresh increase above the USD 27,000 level.
- The price is trading above $27,000 and the 100 Simple hourly moving average.
- A crucial bearish trendline is forming with resistance near USD 27,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a major rise if it crosses the $27,200 and $27,400 resistance levels.
Bitcoin price eyes upside down
Bitcoin price held up well above the USD 26,500 level. BTC formed a base and started a recovery wave above the USD 26,850 resistance zone.
There was movement above the 50% Fib retracement level of the downward move from the $27,269 swing high to the $26,536 low. Bitcoin price is now trading above $27,000 and the 100 hourly simple moving average. It is also showing a few positive signs above the $27,000 level.
Immediate resistance on the upside is near the $27,100 level. It is close to the 76.4% Fib retracement level of the downward move from the $27,269 swing high to the $26,536 low.
The next major resistance is near the $27,150 level. A crucial bearish trendline is also forming with resistance near USD 27,150 on the hourly chart of the BTC/USD pair. A close above the trendline could send the price towards the $27,400 resistance zone.
Source: BTCUSD at TradingView.com
The next key resistance is near $27,550, above which the price could start a strong increase towards the $28,000 resistance. More profits could send the price towards the $28,500 level.
New Decline in BTC?
If the price of Bitcoin fails to clear the $27,150 resistance, it could trigger another decline. Immediate support on the downside is near the $26,900 level and the 100 simple hourly moving average.
The next major support is near the $26,550 zone, below which the price might revise the $26,350 support. In the case mentioned, there is a risk of a move towards the $25,800 level. More losses could push Bitcoin to the $25,500 level in the near term.
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.
Key Support Levels – $26,900, followed by $26,550.
Major resistance levels – $27,150, $27,400 and $27,550.
