Bitcoin price is holding support near USD 26,750. BTC could start a fresh increase if there is a clear move above the $27,550 resistance zone.
- Bitcoin holds key support at $26,750 and $26,600.
- The price is trading above $26,800 and the 100 hourly simple moving average.
- There was a break above a major bearish trendline with resistance near USD 27,000 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could start another increase if it stays above $26,750 and the 100 hourly SMA.
Bitcoin Price Aims Higher
Bitcoin price started a minor downside correction after failing to clear the $27,700 and $27,800 resistance levels. BTC formed a high near USD 27,677 before correcting lower.
There was a move below the $27,400 level. The price fell below the 23.6% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high. The price tested a major support near the $26,800 level and the 100 simple hourly moving average.
Bitcoin price is now trading above $26,600 and the 100 hourly simple moving average. There was a break above a key bearish trendline with resistance near USD 27,000 on the hourly chart of the BTC/USD pair. Immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,550 level.
Source: BTCUSD at TradingView.com
A close above the $27,550 resistance could start a decent rise. The next key resistance is near $28,000, above which the price might rise towards the $28,400 resistance. More profits could send the price towards the $28,800 level.
New Decline in BTC?
If the price of Bitcoin fails to clear the $27,550 resistance, it could start a fresh decline. Immediate support on the downside is near the $27,000 level and the 100 hourly SMA.
The next major support is near the $26,750 zone or the 50% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high, below which the price could begin a steady decline. In the said case, it could revisit the $26,200 level. More losses could push Bitcoin to the $26,000 level in the near term.
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 – $26,750, followed by $26,200.
Major resistance levels – $27,250, $27,550 and $28,300.
