Bitcoin price is currently showing positive signs above the $27,450 zone. After a failed attempt to clear the $28,500 resistance zone, BTC experienced a downside correction and tested the $27,200 support level. However, it has now rebounded and is eyeing a fresh increase towards the resistance level.
Bitcoin is currently holding gains and trading above $27,800, along with the 100 hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair, a short-term declining channel is forming with resistance near $27,980. This indicates that the pair could soon revisit the $28,500 resistance zone in the near term.
Following the failed attempt to clear the $28,500 resistance zone, Bitcoin price declined below $28,000 and tested the $27,200 support zone. However, it has rebounded from the recent low of $27,185 and is now consolidating gains. The price has moved above the $27,400 and $27,500 resistance levels, with a high formed near $28,284.
Bitcoin is currently testing the $28,000 resistance zone, with a short-term declining channel forming near $27,980. In order to start another increase, the price would need to close above the $28,500 resistance level. This could lead to a rise towards the $29,200 resistance level. Further gains may push the price towards the $30,000 level.
If Bitcoin fails to continue higher above the $28,000 resistance, a fresh decline could occur. Immediate support on the downside is near the $27,800 level and the 100 hourly SMA. The next major support level is around $27,200, with the main support forming near the $27,200 level. A downside break below this level could push the price further lower towards $26,650 in the near term. The next support level sits at $26,200.
– Hourly MACD: The MACD is currently gaining momentum in the bullish zone, indicating a positive outlook for Bitcoin price.
– Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently above the 50 level, suggesting a bullish trend.
– Major Support Levels: $27,800, followed by $27,200.
– Major Resistance Levels: $28,000, $28,500, and $29,200.
Bitcoin price is displaying positive signs and holding gains above key support levels. With a short-term declining channel forming, a potential increase towards the $28,500 resistance level could be in sight. However, a failure to break above the $28,000 resistance may result in a fresh downside correction. Traders should closely monitor these levels and technical indicators to gauge the market sentiment and make informed trading decisions.