Bitcoin price corrects gains and trades below $27,500. BTC must stay above 100 SMA per hour to start a new rise in the near term.
- Bitcoin struggled to climb above USD 27,500 and began a downside correction.
- The price is trading above $26,600 and the 100 Simple hourly moving average.
- A major ascending channel is forming with support near USD 27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above $26,750 and the 100 hourly SMA.
Bitcoin price corrects gains
Bitcoin price climbed higher above the $27,200 resistance zone. However, BTC struggled to clear the USD 27,500 resistance and it began a downside correction.
The price fell below the $27,250 level and the 23.6% Fib retracement level of the upward move from the $25,827 swing low to the $27,677 high. The price is now approaching the main support near $27,000. A major ascending channel is also forming with support close to $27,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $26,600 and the 100 hourly simple moving average. Immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,500 level.
Source: BTCUSD at TradingView.com
A close above the $27,500 resistance could start a decent rise. The next key resistance is near $28,000, above which the price might rise towards the $28,300 resistance. Any further gains could send the price towards the $28,800 level in the coming sessions.
Lose more in BTC?
If Bitcoin’s price does not hold steady above $27,000, it could fall further. Immediate downside support is near the $27,000 level and the channel’s trendline.
The 100 Simple hourly moving average is also below the channel support. The next major support is near the $26,750 zone, below which the price could start 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. The next big support could be $25,800.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $27,000, followed by $26,750.
Major resistance levels – $27,250, $27,500 and $28,300.
