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Home»Analysis»Bitcoin price holds support and may soon be chasing another surge above $28K
Analysis

Bitcoin price holds support and may soon be chasing another surge above $28K

2023-05-17No Comments3 Mins Read
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Bitcoin price is holding support near USD 26,750. BTC could start a fresh increase if there is a clear move above the $27,550 resistance zone.

  • Bitcoin holds key support at $26,750 and $26,600.
  • The price is trading above $26,800 and the 100 hourly simple moving average.
  • There was a break above a major bearish trendline with resistance near USD 27,000 on the hourly chart of the BTC/USD pair (Kraken data feed).
  • The pair could start another increase if it stays above $26,750 and the 100 hourly SMA.

Bitcoin Price Aims Higher

Bitcoin price started a minor downside correction after failing to clear the $27,700 and $27,800 resistance levels. BTC formed a high near USD 27,677 before correcting lower.

There was a move below the $27,400 level. The price fell below the 23.6% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high. The price tested a major support near the $26,800 level and the 100 simple hourly moving average.

Bitcoin price is now trading above $26,600 and the 100 hourly simple moving average. There was a break above a key bearish trendline with resistance near USD 27,000 on the hourly chart of the BTC/USD pair. Immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,550 level.

Bitcoin price

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 might rise towards the $28,400 resistance. More profits could send the price towards the $28,800 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.

See also  Bitcoin Cash (BCH) Rises 20%: Can the Momentum Continue?

The next major support is near the $26,750 zone or the 50% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high, below which the price could begin a steady decline. In the said case, it could revisit the $26,200 level. More losses could push Bitcoin to the $26,000 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.

Major Support Levels – $26,750, followed by $26,200.

Major resistance levels – $27,250, $27,550 and $28,300.

Source link

28k Bitcoin chasing holds Price Support Surge
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