- Bitcoin (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.
- There 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.
Bitcoin (BTC) Price Eyes Upside Break
Bitcoin (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. Bitcoin (BTC) price is now trading over $27,000 and the 100 hourly Simple moving average. It is likewise showing several positive signs over the $27,000 level.
Immediate resistance on the upside is near the $27,100 level. It is next to the 76.4 percent Fib retracement level of the downward move from the $27,269 swing high to the $26,536 low.
The following major resistance is near the $27,150 level. There 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 can potentially send the price toward the $27,400 resistance zone.
Source: BTCUSD on TradingView.com
The following key resistance is near $27,550, over which the price can potentially start a strong increase toward the $28,000 resistance. Any more profits can potentially send the price toward the $28,500 level.
Fresh Decline in BTC?
If BTC’s price fails to clear the $27,150 resistance, it can potentially start another decline. Immediate support on the downside is near the $26,900 level and the 100 hourly Simple moving average.
The following major support is near the $26,550 zone, below which the price can potentially revisit the $26,350 support. In the stated case, there is a danger of a move toward the $25,800 level. Any more losses can potentially take Bitcoin (BTC) toward the $25,500 level in the near term.
Hourly MACD – The MACD is now gaining pace in the positive tendency zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now over the 50 level.
Major Support Levels – $26,900, followed by $26,550.
Major Resistance Levels – $27,150, $27,400, and $27,550.