Bitcoin Price Holds Support: More Upside Potential Ahead!

  • 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 BTC

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-saatlik

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.
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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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