Bitcoin price is holding the support near $26,750. If there is a clear move above the $27,550 resistance area, BTC could start a fresh increase.
- Bitcoin held key support at $26,750 and $26,600.
- The price is trading above the $26,800 and 100 hourly simple moving averages.
- There was a break above a key bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it sustains above $26,750 and the 100 hourly SMA.
bitcoin price target higher
Bitcoin price started a minor decline after it failed to surpass the $27,700 and $27,800 resistance levels. BTC formed a high near $27,677 before correcting lower.
There was a move below the $27,400 level. The price declined below the 23.6% Fib retracement level of the decline from the $25,828 low to $27,677 high. The price tested a key support near the $26,800 level and the 100 hourly simple 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 trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair. An immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,550 level.
Source: BTCUSD on TradingView.com
A close above the $27,550 resistance could start a nice move higher. The next major resistance is near the $28,000 level, above which the price could move higher towards the $28,400 resistance area. Any further gains could send the price towards the $28,800 level.
Fresh decline in BTC?
If bitcoin price fails to overcome the $27,550 resistance, it could start a fresh decline. On the downside, an immediate support is near the $27,000 level and the 100 hourly SMA.
The next major support is near the $26,750 area or the 50% Fib retracement level of the $25,828 swing low to $27,677 high, below which the price could start a sustained decline. In the mentioned case, it could revisit the $26,200 level. Any further losses could take bitcoin towards the $26,000 level in the near term.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Key Support Levels – $26,750, followed by $26,200.
Key Resistance Levels – $27,250, $27,550 and $28,300.
source: www.newsbtc.com
