Bitcoin price is surging above $27,200 and could gain bullish momentum if it clears the key $28,000 resistance zone in the coming sessions. According to the hourly chart of the BTC/USD pair, Bitcoin is moving higher above the $27,000 and $27,200 levels and is trading above $27,000 and the 100 hourly Simple moving average. A break above a connecting bearish trend line with resistance near $27,000 on the chart could start a fresh rally if it clears the $27,550 and $28,000 resistance levels.
Bitcoin price started a fresh decline below the $26,800 level but retested the $26,550 support zone and recently started a fresh increase. There was a decent upward move above the $27,000 resistance zone, and a break above a connecting bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $27,000 and the 100 hourly Simple moving average.
A close above the $27,550 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might gain bullish momentum and test the $29,200 resistance. Any more gains might send the price toward the $30,000 level.
If Bitcoin’s price fails to clear the $27,550 resistance, it could start a fresh decline. Immediate support on the downside is near the $27,000 level and the 100 hourly SMA. The next major support is near the $26,800 zone, below which the price might struggle to recover. In the stated case, it could revisit the $26,550 level. Any more losses might take Bitcoin toward the $26,000 level in the near term.
According to technical indicators, the MACD is now losing pace in the bullish zone, and the RSI for BTC/USD is now above the 50 level. Major support levels are $27,000, followed by $26,550, while major resistance levels are $27,420, $27,550, and $28,000.
As Bitcoin continues to rise, it is important to keep an eye on its resistance levels and potential for decline. However, with its recent gains, it is clear that Bitcoin remains a strong investment option for many.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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