Bitcoin Attempts Fresh Increase from $27,200 Support
Bitcoin price has found support near the $27,200 level after a recent downside correction. It is now trading above $27,500 and the 100 hourly Simple Moving Average (SMA).
Key Rising Channel Forming
A key rising channel is forming with resistance near $27,850 on the BTC/USD hourly chart. If the price clears this resistance zone, it could rise further and revisit $28,500.
Bitcoin Price Holds Support
After a downside correction, Bitcoin found support near the $27,200 level. It recently started a fresh increase above $27,400 and surpassed the $27,650 resistance and 100 hourly SMA.
The bears were active near the $27,850 resistance, as BTC struggled to move higher. However, it is currently trading above $27,500 and the 100 hourly SMA.
Next Key Resistance and Potential Gains
The next key resistance for Bitcoin could be near the $28,000 level. If the price closes above this level, it could start another increase towards the $28,500 resistance. Further gains might lead to a move towards the $29,200 level.
Possible Decline in BTC
If Bitcoin fails to break above the $27,850 resistance, there could be another decline. Immediate support is near the $27,500 level and the 100 hourly SMA. The main support is at $27,200.
Technical Indicators
The hourly MACD is losing pace in the bullish zone and the RSI for BTC/USD is above the 50 level.
Major Support and Resistance Levels
Major support levels are at $27,500 and $27,200, while major resistance levels are at $27,850, $28,000, and $28,500.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Holds Key Support Level as It Attempts to Break Resistance
Bitcoin has found support near the $27,200 level and is currently trading above $27,500. It faces resistance near the $27,850 level but could rise further and revisit $28,500 if it breaks through. The technical indicators suggest a bullish trend with the possibility of another increase. However, failure to break the resistance could lead to a decline with support levels at $27,500 and $27,200. Overall, Bitcoin’s price movement remains crucial in determining its future trajectory.
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