Bitcoin price is eyeing a major upside break above the USD 27,500 resistance. BTC could rise further towards $28,200 if it closes above $27,500.
- Bitcoin is showing positive signs and facing obstacles around $27,500.
- The price is trading above USD 26,850 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further if there is a clear move above the $27,500 resistance.
Bitcoin price has more advantages
Bitcoin price started to rise again above the USD 26,800 resistance zone. BTC remained well bid and even rose above the $27,000 pivot level.
However, the bears are still active near the $27,500 zone. A high is formed near USD 27,494 and the price is now consolidating gains. It is trading just below the 23.6% Fib retracement level of the upward move from the $26,657 swing low to the $27,494 high.
Bitcoin is now trading above $26,850 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support around $26,800 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
It is consolidating gains and could expect another surge. The immediate resistance on the upside is near the $27,450 level. The first major resistance is near the $27,500 zone, above which the price could start a new rally. The next major resistance could be near the $28,200 level. A clear move above the USD 28,200 resistance could send the price towards the USD 29,500 resistance. In the said case, the price could even test the USD 30,000 level in the coming days.
Are dips limited in BTC?
If Bitcoin fails to spark a fresh rise above the USD 27,500 resistance, a downside correction could occur. The immediate downside support is near the USD 27,050 level.
The next major support is near the $26,800 level and trendline. It is close to the 76.4% Fib retracement level of the upward move from the $26,657 swing low to the $27,494 high. A downside break and a close below the USD 26,800 level could send the price towards the next support at USD 26,200.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 27,050, followed by USD 26,800.
Major resistance levels – $27,450, $27,500 and $28,200.