Bitcoin price is recovering higher above the $27,000 resistance. BTC must clear the $27,800 resistance to start a decent increase in the near term.
- Bitcoin tested the $26,000 support zone and is currently recovering higher.
- The price is trading above $26,500 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move higher if it clears the $27,500 and $27,800 resistance levels.
Bitcoin Price Starts Recovery
Bitcoin price extended its decline below the $27,000 support zone. BTC even moved below the $26,200 level before the bulls appeared.
A low was formed near $25,851 and the price is now correcting losses. There was a decent increase above the $26,500 resistance level. There was a break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above the 50{ee212069bfc2680724ddd6b0d505d051cd6a6be760d8da0a6a57844f2abae5c8} Fib retracement level downward move from the $28,334 swing high to the $25,851 low. It is also trading above $26,500 and the 100 hourly Simple moving average.
Immediate resistance is now forming near the $27,400 level. It is close to the 61.8{ee212069bfc2680724ddd6b0d505d051cd6a6be760d8da0a6a57844f2abae5c8} Fib retracement level downward move from the $28,334 swing high to the $25,851 low. The next major resistance is near the $27,800 level.
Source: BTCUSD on TradingView.com
A close above the $27,800 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might climb toward the $28,500 resistance.
More Losses 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 $27,000 level and the 100 hourly Simple moving average.
The next major support is near the $26,500 zone, below which the price might start a decent decline. In the stated case, it could revisit the $26,000 level. Any more losses might take Bitcoin toward the $25,500 level in the near term. The next major support could be $25,000.
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 now above the 50 level.
Major Support Levels – $27,000, followed by $26,500.
Major Resistance Levels – $27,400, $27,800, and $28,000.