Bitcoin price recovers higher above the $27,000 resistance. BTC needs to clear the $27,800 resistance to start a decent rise in the near term.
- Bitcoin has 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 trendline with resistance near USD 27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue moving higher if it crosses the $27,500 and $27,800 resistance levels.
Bitcoin price is starting to recover
Bitcoin price extended its decline below the $27,000 support zone. BTC even fell below the USD 26,200 level before the bulls appeared.
A low was formed near USD 25,851 and the price is now correcting losses. There was a decent rise above the $26,500 resistance level. There was a break above a major bearish trendline with resistance near USD 27,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above the 50% Fib retracement level down 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 downward move of the 61.8% Fib retracement level from the $28,334 swing high to the $25,851 low. The next major resistance is near the $27,800 level.
Source: BTCUSD at TradingView.com
A close above the $27,800 resistance could start a decent rise. The next key resistance is near $28,000, above which the price might rise towards the $28,500 resistance.
Lose more in BTC?
If the price of Bitcoin fails to clear the $27,400 resistance, it could trigger another decline. Immediate support on the downside is near the $27,000 level and the 100 simple hourly moving average.
The next major support is near the $26,500 zone, below which the price could start a decent drop. In the said case, it could revisit the $26,000 level. More losses could push Bitcoin to the $25,500 level in the near term. The next big 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.
