Bitcoin price is showing positive signs as it holds gains above the $27,450 zone. The cryptocurrency is currently trading above $27,800 and the 100 hourly Simple Moving Average (SMA). However, there is a short-term declining channel forming with resistance near $27,980 on the BTC/USD hourly chart from Kraken. Despite this, Bitcoin could potentially revisit the $28,500 resistance zone in the near term.

Bitcoin started a downside correction after failing to clear the $28,500 resistance zone. As a result, the price declined below $28,000 and tested the support zone at $27,200. However, Bitcoin soon experienced a rise and moved above the $27,400 and $27,500 resistance levels. The price formed a high around $28,284 and is currently consolidating gains below the 23.6% Fibonacci retracement level. It is worth noting that Bitcoin is now trading above $27,800 and the 100 hourly SMA, while testing the $28,000 resistance zone.

Immediate resistance on the upside lies near the $28,000 level, with the key resistance at $28,500. If Bitcoin successfully closes above the $28,500 resistance, it could start another upward trend. This scenario could potentially lead to a rise towards the $29,200 resistance level, with the possibility of further gains pushing the price towards $30,000.

If Bitcoin fails to continue its ascent above the $28,000 resistance, there is a chance of a fresh decline. Immediate support on the downside can be found near the $27,800 level and the 100 hourly SMA. However, the main support is forming near the $27,200 level. A break and close below this level might push the price further down towards $26,650 in the near term. Another support level to keep an eye on is $26,200.

The hourly MACD (Moving Average Convergence Divergence) for BTC/USD is currently gaining pace in the bullish zone. Additionally, the hourly RSI (Relative Strength Index) for the pair is above the 50 level. These indicators suggest a positive outlook for Bitcoin in the short term.

Bitcoin is currently holding gains above the $27,450 zone and showing positive signs. There is a potential for an upward surge towards the $28,500 resistance level if Bitcoin successfully clears the $28,000 resistance. However, failure to surpass this level could trigger a downside correction. Traders should closely monitor support levels at $27,200 and $26,650, as well as resistance levels at $28,000 and $29,200. The current technical indicators indicate a bullish momentum for Bitcoin, but market conditions can rapidly change.


Articles You May Like

New Brunswick Power Company Denies Energy Applications from Crypto Miners
Bitcoin’s Price Movement in Light of the Fed’s Interest Rate Decision
Poly Network Hacked: $10 Million in ETH Stolen
The Rise of Ethereum Futures ETF Applications

Leave a Reply

Your email address will not be published. Required fields are marked *