Bitcoin prices have started an upward correction since the $26550 region. BTC is on an upward trend and is facing strong resistance near the $27300 and $27500 levels
Bitcoin prices have started an upward correction since the $26550 region. BTC is on an upward trend and is facing strong resistance near the $27300 and $27500 levels.
Successfully rebounded to resistance above $27000. The price trading is above $27000 and the 100 hour simple moving average. The BTC/USD hourly chart has broken through the main downward trend line, with resistance around $27000. Although the currency pair shows signs of recovery, it may encounter difficulties around $27300 and $27500.
Bitcoin prices are attempting a new recovery. Bitcoin prices found support around $26550. BTC bears attempted to break through $26550, but were unsuccessful. As a result, the price corrected upwards from above the resistance level of $26800.
The price has broken through the 23.6% Fibonacci retracement level of the downward trend from a fluctuating high of $28285 to a low of $26550. In addition, on the hourly chart of the BTC/USD currency pair, the main downward trend line has been broken, with resistance around $27000. The current transaction price of Bitcoin is above $27000 and the 100 hour simple moving average. The price seems to face strong resistance around $27300.
The next key resistance may appear around $27500, which is a 61.8% Fibonacci retracement from the fluctuating high of $28285 to the low of $26550. If we can significantly break through the resistance levels of $27500 and $27650, it may lay the foundation for a larger increase.
The next key resistance level may appear at $28000. If the closing price exceeds the resistance level of $28000, it may initiate a sustained rise to reach the level of $28500. If it continues to rise, Bitcoin is expected to rise to the level of $29200.
Bitcoin falling again? If Bitcoin fails to rebound to the resistance level above $27500, there may be a new round of decline. The direct support level is located near the $27000 level and trend line. The next important support level is around the $26900 level and the 100 hour simple moving average. If the price drops and closes below the support level of $26900, it may lead to further decline. The next support level is $26550.
Technical indicators:
Hourly MACD - currently losing speed in bullish areas.
Hourly RSI (Relative Strength Index) - The RSI of BTC/USD is currently above the 50 level.
The main support level is $27000, while the secondary support level is $26900.
Main resistance levels - $27300, $27500, and $27650.
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