- Bitcoin is holding key support at $26,750 and $26,600.
- The price is trading above $26,800 and the 100 hourly simple moving average.
- If the pair stays above $26,750 and the 100 hourly SMA, it could start a new increase.
Bitcoin price is dipping below $27,000 but could target higher levels if it manages to hold onto support!
Bitcoin Price Dips Below $27,000!
Bitcoin price started a minor downside correction after failing to clear the $27,700 and $27,800 resistance levels. BTC formed a high around $27,677 before making a lower correction.
There was a move below the $27,400 level. The price fell below the 23.6% Fib retracement level of the upward move from $25,828 to $27,677. The price tested a major support near the $26,800 level and the 100 hourly simple moving average.
Bitcoin price is currently trading above $26,600 and the 100 hourly simple moving average. There was a significant break above a major bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair. Resistance is now forming near the $27,250 level. The next major resistance is near the $27,550 level.
BTC/USD Hourly Price Chart
A close above the $27,550 resistance could start a good increase. The next key resistance is near $28,000 and above that, the price could rise towards the $28,400 resistance. Further gains could send the price towards the $28,800 level.
Could More Downside be Coming?
If Bitcoin’s price fails to surpass the $27,550 resistance, a new downside could start. Immediate downside support is near $27,000 and the 100 hourly SMA.
The next major support is near the $26,750 area or near the 50% Fib retracement level of the upward move from $25,828 to $27,677, below which the price could start a steady decline. In that case, it could revisit the $26,200 level. Further losses could take Bitcoin to the $26,000 level in the short term.
Technical Indicators:
- Hourly MACD – MACD is gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – RSI for BTC/USD is currently above the 50 level.
- Main Support Levels – $26,750, followed by $26,200.
- Main Resistance Levels – $27,250, $27,550, and $28,300.
