Bitcoin’s price began with a downside correction of $28,360 against the US Dollar. BTC remained well bidd above $26K, and is likely to resume higher at $28K.
Bitcoin shows a lot of positive signs above the $26,000 support zone.
The stock currently stands above the $26,500 support and the 100-hour simple moving average.
There was a break above the main contract triangle with a resistance of nearly $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher at $28,000 and $28,400 resistance levels.
Bitcoin Price is Showing Bullish Signs
In the last few days, there has been a sharp rise in the price of Bitcoin above the $25,000 resistance. BTC also climbed above the $26,500 and $27,000 resistance levels. At the end of the day, the price rose above the $28,000 mark and settled well above the 100-hour simple moving average.
A new all-time high was established around $28,360 before the market began to correct the downside. It traded significantly below the level of $27,000. There was also a break below the 50 percent Fib retracement stage of the upward change from the $24,532 low to $28,361 high swing.
Source: BTCUSD on TradingView.com
However, the bulls were active at about $26,000 in funding. The 61.8 percent Fib retracement of the upward change from $24,532 low to $28,361 high also served as a good support.
Bitcoin’s price began a fresh rise over $26,500 in resistance. There was also a split over the big contract triangle with a resistance of nearly $26,800 on the hourly chart of the BTC/USD pair. The pair is now trading around $27,000.
The initial resistance on the upside is close to the $27,275 mark. A strong break beyond the $27,275 resistance could open the doors for a fresh run to the $28,000 and $28,400 levels in the near term.
Fresh Drip in BTC?
If bitcoin fails to clear the $27,275 resistance mark, it could correct lower. The initial downside support is close to the $26,800 region and the broken triangle trend line.
The first big help is close to the $26,500 mark. The key support is still close to the $26,000 mark, below which there is a chance of a sustained downward trend in the coming sessions.
Technical indicators are as follows:
Hourly MACD – The MACD is gaining momentum in the bull zone.
RSI Hourly (Relative Strength Index) – RSI for BTC/USD is currently well above 50.
Major Help Levels—$26,500, followed by $26,000.
Major Resistance Levels—$27,275,$28,000 and$28,400.
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