Bitcoins Critical Moment: What Could Spark a Major Price Spike?

Bitcoins Critical Moment: What Could Spark a Major Price Spike?


Bitcoin price is attempting to break above the $27,000 level and could start a major increase if it clears the $27,200 and $27,400 resistance levels, but may face another decline if it fails to clear the $27,150 resistance level.

  • 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.

READ NOW
SHIB Community Burns 246.7M Tokens in 24 Hours, But SHIB Struggles to Stay Afloat

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.

READ NOW
Latest Breaking News! Huge Announcement for Dogecoin, Bitcoin & Pepe Coin

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.

Technical indicators:

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.

READ NOW
Will the Global Economy Collapse in 2023? Googles AI System Bard Gives Insights

Major Support Levels – $26,900, followed by $26,550.

Major Resistance Levels – $27,150, $27,400, and $27,550.

Source

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend