Bitcoin price trimmed yesterday’s losses and climbed above $26,500. BTC is now again facing strong resistance near the $27,400 zone.
- Bitcoin started a fresh decline after it dived toward the $25,500 support.
- The price is trading above $26,500 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is now facing a major hurdle near the $27,400 and $27,500 levels.
Bitcoin Price Revisits $27,500
Bitcoin price found support near the $25,400 zone after a major decline. BTC formed a base and was able to start a recovery wave above the $26,000 level.
There was a break above a connecting bearish trend line with resistance near $26,000 on the hourly chart of the BTC/USD pair. The pair was able to clear the $27,000 resistance to move into a positive zone. However, the bears were again active near the $27,400 and $27,500 levels.
A high is formed near $27,368 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent increase from the $25,369 swing low to the $27,368 high.
Bitcoin price is trading above $26,500 and the 100 hourly Simple moving average. Immediate resistance is near the $27,400 level. The next major resistance is near the $27,500 level. A close above $27,500 might send the price further higher.
Source: BTCUSD on TradingView.com
The next key resistance is near the $28,000 level. An upside break and close above $28,000 could start a decent increase toward $28,500. Any more gains above the $28,500 resistance zone might send the price toward the $29,500 resistance zone.
Fresh Decline in BTC?
If Bitcoin’s price fails to clear the $27,400 resistance, it could start another decline. Immediate support on the downside is near the $26,800 level and the 100 hourly SMA.
The next major support is near the $26,400 zone or the 50% Fib retracement level of the recent increase from the $25,369 swing low to the $27,368 high, below which the price might regain bearish momentum. In the stated case, the price could drop toward the $26,000 support.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
Major Support Levels – $26,400, followed by $26,000.
Major Resistance Levels – $27,400, $27,500, and $28,500.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Buy and Sell Shares in PRE-IPO Companies with PREIPO®. Access Here.
- Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-trims-losses-27400/
- :is
- 000
- 100
- 23
- 50
- 500
- a
- Able
- above
- active
- After
- again
- an
- and
- Another
- any
- average
- base
- bearish
- Bearish Momentum
- Bears
- below
- Bitcoin
- Bitcoin Price
- Break
- breakout
- BTC
- BTC/USD
- Bullish
- but
- by
- case
- Chart
- clear
- Climbed
- Close
- Connecting
- consolidating
- could
- data
- Decline
- downside
- Drop
- facing
- fails
- followed
- For
- formed
- found
- fresh
- from
- further
- gaining
- Gains
- High
- higher
- However
- HTTPS
- immediate
- in
- Increase
- index
- Indicators
- into
- IT
- Key
- key resistance
- Kraken
- Level
- levels
- Line
- losses
- Low
- MACD
- major
- max-width
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- NewsBTC
- next
- now
- of
- on
- or
- Pace
- pair
- plato
- Plato Data Intelligence
- PlatoData
- positive
- price
- recent
- recovery
- regain
- relative
- relative strength index
- Resistance
- retracement
- rsi
- send
- Simple
- SMA
- start
- started
- stated
- Still
- strength
- strong
- support
- support levels
- Swing
- The
- to
- toward
- Trading
- TradingView
- Trend
- Upside
- was
- Wave
- were
- which
- with
- zephyrnet