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Bitcoin price is correcting gains and trading below $27,500. BTC must stay above the 100 hourly SMA to start a fresh increase in the near term.
- Bitcoin struggled to climb above $27,500 and started a downside correction.
- The price is trading above the $26,600 and 100 hourly simple moving averages.
- There is a major ascending channel forming with support near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it sustains above $26,750 and the 100 hourly SMA.
bitcoin price corrects gains
Bitcoin price climbed above the $27,200 resistance area. However, BTC struggled to clear the $27,500 resistance and started a downside correction.
The price declined below the $27,250 level and the 23.6% Fib retracement level of the upside move from the $25,827 swing low to $27,677 high. The price is now reaching a key support near the $27,000 level. There is also a key ascending channel forming with support near $27,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $26,600 and the 100 hourly simple moving average. An immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,500 level.
Source: BTCUSD on TradingView.com
A close above the $27,500 resistance could start a nice move higher. The next major resistance is near the $28,000 level, above which the price could climb towards the $28,300 resistance. Any further gains in the coming sessions might send the price towards the $28,800 level.
More Losses in BTC?
If bitcoin price fails to sustain above $27,000, it could continue to decline. On the downside, an immediate support is near the $27,000 level and the channel trend line.
The 100 hourly simple moving average is also trading below the channel support. The next major support is near the $26,750 area, below which the price could start a sustained decline. In the mentioned case, it could revisit the $26,200 level. Any further losses could take bitcoin towards the $26,000 level in the near term. The next major support could be $25,800.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Key Support Levels – $27,000, followed by $26,750.
Key Resistance Levels – $27,250, $27,500 and $28,300.
