Bitcoin price is slowly climbing above $27,000. BTC could start a strong increase if it clears the $27,200 resistance zone.
- Bitcoin is attempting a fresh surge above $27,000.
- The price is above $27,000 and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $27,150 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair could start a significant increase if it clears the $27,200 and $27,400 resistance levels.
Bitcoin price is envisaging an uptrend
Bitcoin price remained bid well above the $26,500 level. BTC formed a base and started a recovery wave above the $26,850 resistance zone.
There was a move above the 50% Fib retracement level of the downside move from the $27,269 swing high to the $26,536 low. Bitcoin price is now above $27,000 and the 100 hourly simple moving average. There are also some positive signs above the $27,000 level.
Immediate resistance on the upside is near $27,100. It is close to the 76.4% Fib retracement level of the move down from the swing high at $27,269 to the low at $26,536.
The next major resistance is near the $27,150 level. There is also a crucial bearish trend line forming with resistance near $27,150 on the hourly chart of the BTC/USD pair. A close above the trendline could propel the price towards the $27,400 resistance zone.
Source: BTCUSD on TradingView.com
The next key resistance stands at $27,550, above which the price might start a strong climb towards the $28,000 resistance. Further gains could propel the price towards the $28,500 level.
BTC falling again?
If bitcoin price fails to clear the $27,150 resistance, more decline might occur. Immediate support on the downside is near $26,900 and the 100 hourly simple moving average.
The next major support is near the $26,550 zone, below which the price might revisit the $26,350 support. In the mentioned case, there are risks of a move towards the $25,800 level. Further losses could propel Bitcoin to the $25,500 mark in the short term.
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 – $26,900 followed by $26,550.
Major resistance levels – $27,150, $27,400 and $27,550.
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