Bitcoin price is struggling to clear the $27,500 resistance. BTC may test another rise if it stays above the $27,000 support.
- Bitcoin is still struggling to gain momentum above the $27,400 and $27,500 levels.
- The price traded above $27,000 and the 100-hour Simple moving average.
- There is a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new uptrend if it stays above the $27,000 pivot level.
Bitcoin Price Reversal Support
The price of Bitcoin started a decent rise from the $26,550 zone. BTC managed to clear the $26,850 and $27,000 resistance levels. This has also sparked some positive movement in Ethereum.
During the development, there was a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC/USD pair. The pair rose above the $27,400 resistance but there was no upside continuation. A high was formed near $27,511 and the price is now declining.
There is a move below the 23.6% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high. Bitcoin price is currently trading above $27,000 and the 100 hour Simple moving average. It also tested the broken trend line at $27,150.
Immediate resistance to the upside near the $27,280 level. The next major resistance is near the $27,400 level. Key resistance is still near $27,500. A close above the $27,500 resistance zone could send the price to the $28,200 resistance zone.
Source: BTCUSD on TradingView.com
The next key resistance is near $28,500, above which the price may start a sharp rise to the $29,200 resistance. Any further gains could send the price to the $30,000 level.
New BTC Decline?
If Bitcoin price fails to clear the $27,500 resistance, it could start a decline. Immediate support on the downside is near the $27,000 level and the 100 hourly Simple moving average.
The 50% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high is also near $27,000. The next major support is near the $26,850 zone, below which the price may visit the $26,550 support. Any further losses could take Bitcoin to the $26,000 level in the near term.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $27,000, followed by $26,550.
Major Resistance Levels – $27,280, $27,400, and $27,500.