Bitcoin Price Could Resume Increase But 100 SMA Is The Key
Bitcoin price is attempting a fresh increase from the $27,200 support. BTC must clear $28,000 to start a decent increase in the near term.
Bitcoin extended its decline below the $28,000 support zone. The price is trading below $28,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a steady increase if there is a close above the 100 hourly SMA.Bitcoin Price Finds Support
Bitcoin price remained in a bearish zone below the $30,000 zone. BTC extended its decline and traded below the $28,000 support. Finally, it tested the $27,200 support.
A low is formed near $27,146 and the price is now consolidating losses. There was a minor recovery wave above the $27,500 level. Besides, there was a break above a key bearish trend line with resistance near $27,500 on the hourly chart of the BTC/USD pair.
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Immediate resistance is near the $28,000 level. A close above the $28,000 resistance and the 100 hourly SMA could start a decent increase. The first major resistance is forming near the $28,500 level. The next major resistance is near the $28,800 zone.
Source: BTCUSD on TradingView.com
It is close to the 50% Fib retracement level of the downward move from the $30,460 swing high to the $27,146 low. A move above the $28,800 resistance might call for a decent increase. In the stated case, the price may perhaps revisit the $29,500 zone. Any more gains could open the doors for a test of $30,000.
Fresh Decline in BTC?
If Bitcoin’s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,400 level.
The next major support is near the $27,200 zone. A downside break and close below the $27,200 support might push the price toward the $26,800 support. Any more losses might push Bitcoin toward $26,500.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $27,400, followed by $27,200.
Major Resistance Levels – $28,000, $28,500, and $28,800.