HomeBitcoin NewsBitcoin Price Analysis: BTC Could Restart Increase Unless This Level Gives Way

Bitcoin Price Analysis: BTC Could Restart Increase Unless This Level Gives Way

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  • Bitcoin price started a fresh decline from the $28,500 zone against the US Dollar.
  • The price is now trading above $27,000 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $27,220 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it stays above the $26,600 support zone.

Bitcoin price is declining below $28,500 against the US Dollar. BTC might eye another increase if the bulls remain active above the $27,000 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $28,500 resistance zone. A high was formed near $28,613 before the price started a downside correction. There was a clear move below the $28,250 and $28,000 levels.

There was a move below the $27,800 level. The pair spiked below the 50% Fib retracement level of the upward move from the $25,983 swing low to the $28,613 high. It is now trading above $27,000 and the 55 simple moving average (4 hours).

There is also a key bullish trend line forming with support near $27,220 on the 4-hour chart of the BTC/USD pair. Immediate resistance on the upside is near the $27,750 level.

The next major resistance might be near the $28,800 zone. A clear move above the $28,000 level might send the price toward $28,500, above which the price might rise toward the $29,400 level. Any more gains might push the price toward the $30,000 zone.

If there is no upside break, the price might continue to decline below the $27,300 level. The first major support is $27,000. The next key support is near the $26,600 level. It is near the 76.4% Fib retracement level of the upward move from the $25,983 swing low to the $28,613 high, below which the price might accelerate lower.

In the stated case, the price could decline toward the $26,000 level. Any more losses might send the price toward the $24,500 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin price is clearly trading above $27,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $26,600 support zone.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $27,000 and $26,600.

Key Resistance Levels – $27,750, $28,000, and $28,500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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