Bitcoin price is struggling to clear the $27,500 resistance. BTC could attempt another increase if it stays above the USD 27,000 support.
- Bitcoin is still struggling to gain pace above the USD 27,400 and USD 27,500 levels.
- The price is trading above $27,000 and the 100 Simple hourly moving average.
- There was a break above a major bearish trendline with resistance near USD 27,140 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could start a fresh increase if it continues above the USD 27,000 pivot point.
Bitcoin Price revisits support
Bitcoin price started a decent increase from the $26,550 zone. BTC was able to clear the $26,850 and $27,000 resistance levels. It also led to some positive moves in Ethereum.
During the rise, there was a break above a major bearish trendline with resistance near USD 27,140 on the hourly chart of the BTC/USD pair. The pair peaked above the USD 27,400 resistance, but there was no upward continuation. A high is formed near $27,511 and the price is now moving lower.
There was movement below the 23.6% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high. Bitcoin price is now trading above $27,000 and the 100 hourly simple moving average. It also tests the broken trendline at $27,150.
Immediate resistance on the upside is near the $27,280 level. The next major resistance is near the $27,400 level. The main resistance is still near $27,500. A close above the $27,500 resistance zone could send the price towards the $28,200 resistance zone.
Source: BTCUSD at TradingView.com
The next key resistance is near $28,500, above which the price could start a strong increase towards 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 $27,500 resistance, it could trigger another decline. Immediate support on the downside is near the $27,000 level and the 100 simple hourly moving average.
The 50% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high is also near $27,000. The next major support is near the $26,850 zone, below which the price could revisit the $26,550 support. 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 near the 50 level.
Major Support Levels – $27,000, followed by $26,550.
Major resistance levels – $27,280, $27,400 and $27,500.
