- Bitcoinย (BTC) is attempting a fresh increase over the $27,000 level.
- The price is trading over $27,000 and the 100 hourly Simple moving average.
- Thereย is a critical bearish tendency line forming with resistance near $27,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a major increase if it clears the $27,200 and $27,400 resistance levels.
Bitcoinย (BTC) Price Eyes Upside Break
Bitcoinย (BTC) price remained well-bid over the $26,500 level. Bitcoin formed a base and started a recovery wave over the $26,850 resistance zone.
There was a move over the 50 percent Fib retracement level of the downward move from the $27,269 swing high to the $26,536 low. Bitcoinย (BTC) price is now trading over $27,000 and the 100 hourly Simple moving average. It is likewise showing severalย positive signs over the $27,000 level.
Immediate resistance on the upside is near the $27,100 level. It is nextย to the 76.4 percent Fib retracement level of the downward move from the $27,269 swing high to the $26,536 low.
Theย following major resistance is near the $27,150 level. Thereย is likewise a critical bearish tendency line forming with resistance near $27,150 on the hourly chart of the BTC/USD pair. A close over the tendency line canย potentially send the price toward the $27,400 resistance zone.
Source: BTCUSD on TradingView.com
Theย following key resistance is near $27,550, over which the price canย potentially start a strong increase toward the $28,000 resistance. Any more profits canย potentially send the price toward the $28,500 level.
Fresh Decline in BTC?
If BTCโs price fails to clear the $27,150 resistance, itย canย potentially start another decline. Immediate support on the downside is near the $26,900 level and the 100 hourly Simple moving average.
Theย following major support is near the $26,550 zone, below which the price canย potentially revisit the $26,350 support. In the stated case, thereย is a danger of a move toward the $25,800 level. Any more losses canย potentially take Bitcoinย (BTC) toward the $25,500 level in the near term.
Technical indicators:
Hourly MACD โ The MACD is now gaining pace in the positiveย tendency zone.
Hourly RSI (Relative Strength Index) โ The RSI for BTC/USD is now over the 50 level.
Major Support Levels โ $26,900, followed by $26,550.
Major Resistance Levels โ $27,150, $27,400, and $27,550.
