Bitcoin Price Starts Downside Correction
Bitcoin has experienced a downside correction after reaching the $28,150 resistance zone. However, the price is still trading above the $26,600 level and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, a declining channel is forming with resistance near $27,250. It is possible that the pair may decline further towards $26,800 before attempting a fresh increase.
Main Breakdowns:
- Bitcoin price started a decent increase above the $27,000 resistance zone.
- A high was formed near $28,150 and the price started a downside correction.
- Bitcoin is still trading above $26,600 and the 100 hourly Simple Moving Average.
- There is a declining channel forming with resistance near $27,250 on the hourly chart.
- If Bitcoin fails to clear the $27,400 resistance, it could continue to move down.
In the stated case, the price could test the $29,200 level and potentially reach a larger increase towards $30,500. On the downside, immediate support is near the $27,000 level, followed by the $26,800 level or the 61.8% Fib retracement level. Technical indicators show that the MACD is losing pace in the bullish zone and the RSI is near the 50 level.
Hot Take: Bitcoin’s price correction is a temporary setback, but it may create an opportunity for a fresh increase. It is important to monitor the resistance and support levels to gauge the potential direction of the price.
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