Bitcoin price found support near the $27,200 zone. BTC is now rising and could accelerate even further if it breaks the USD 27,850 resistance zone.
- Bitcoin attempts another increase from the $27,200 support.
- The price is trading above $27,500 and the 100 hourly Simple Moving Average.
- A major ascending channel is forming with resistance near $27,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further and head towards $28,500 again if it breaks the $27,850 resistance zone.
Bitcoin price holds support
Bitcoin price found support near the USD 27,200 level after a downward correction. BTC remained well bid and recently started a new surge above $27,400.
There was a move above the 23.6% Fib retracement level of the downside correction, from the $28,565 swing high to the $27,188 low. Furthermore, the price surpassed the USD 27,650 resistance and the 100 hourly Simple Moving Average.
However, the bears were active near the USD 27,850 resistance. BTC struggled near the 50% Fib retracement level of the downward correction from the $28,565 swing high to the $27,188 low.
Bitcoin is now trading above $27,500 and the 100 hourly Simple Moving Average. The immediate resistance on the upside is near the $27,850 level. A major ascending channel is also forming with resistance near $27,850 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The next major resistance could be near the $28,000 level. A close above the $28,000 resistance could spark another surge. In the mentioned case, the price could rise towards the USD 28,500 resistance. Further gains could require a move towards the $29,200 level.
Another drop in BTC?
If Bitcoin fails to hold higher above the USD 27,850 resistance, another decline could occur. The immediate downside support is near the $27,500 level and the 100 hourly Simple Moving Average.
The next major support is near the $27,400 level. The main support is now near USD 27,200. A downside break and a close below the USD 27,200 level could send the price towards USD 26,800 in the near term. The next support is at $26,200.
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 – USD 27,500, followed by USD 27,200.
Major resistance levels – $27,850, $28,000 and $28,500.
