Bitcoin price rises above $27,200. BTC could gain bullish momentum if it clears the key $28,000 resistance zone in the coming sessions.
- Bitcoin is climbing higher above the USD 27,000 and USD 27,200 levels.
- The price is trading above $27,000 and the 100 Simple hourly moving average.
- There was a break above a contiguous bearish trendline with resistance close to USD 27,000 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could start another rally if it crosses the $27,550 and $28,000 resistance levels.
Bitcoin Price Attempts Upward Breakout
Bitcoin price started to fall again below the USD 26,800 level. BTC has retested the $26,550 support zone and recently started another increase.
There was decent upward movement above the $27,000 resistance zone. In addition, there was a break above a contiguous bearish trendline with resistance near USD 27,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $27,000 and the 100 hourly simple moving average.
It is also above the 61.8% Fib retracement level of the downward move from the $27,677 swing high to the $26,550 low. Immediate resistance is now forming near the $27,420 level.
The 76.4% Fib retracement level of the downward move from the $27,677 swing high to the $26,550 low is also near the $27,420 level. The next major resistance is near the $27,550 level.
Source: BTCUSD at TradingView.com
A close above the $27,550 resistance could start a decent rise. The next key resistance is near $28,000, above which the price could gain bullish momentum and test the $29,200 resistance. More winnings could send the price to the $30,000 level.
New Decline in BTC?
If the price of Bitcoin fails to clear the $27,550 resistance, it could start a fresh decline. Immediate support on the downside is near the $27,000 level and the 100 hourly SMA.
The next major support is near the $26,800 zone, below which the price could struggle to recover. In the said case, it could revisit the $26,550 level. More losses could push Bitcoin to the $26,000 level in the near term.
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 – $27,000, followed by $26,550.
Major resistance levels – $27,420, $27,550 and $28,000.
