Bitcoin Price Sees Technical Correction, Here’s What Could Propel It Back To $28K

2023-09-19 03:55:44

Bitcoin price climbed higher and tested the $27,500 resistance. BTC is correcting gains, but it could start another increase unless there is a move below $26,500.

Bitcoin is holding gains above the $26,500 support level.
The price is trading above $26,550 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $26,500 support zone.

Bitcoin Price Eyes Another Increase

Bitcoin price remained in a positive zone above the $26,200 resistance zone. BTC started a fresh increase and cleared the $26,500 resistance zone.

There was a strong push above the $27,000 level before the bears appeared near $27,500. A high was formed near $27,468 and the price recently corrected gains. There was a drop below the $27,000 level. The price declined below the 50% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high.

Bitcoin is now trading above $26,550 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $26,600 on the hourly chart of the BTC/USD pair.

The price is now holding the 76.4% Fib retracement level of the upward move from the $26,412 swing low to the $27,468 high. It is consolidating gains and might eye a fresh increase. Immediate resistance on the upside is near the $26,950 level.

The first major resistance is near the $27,500 zone, above which the price could gain pace. The next key resistance could be near the $28,200 level. A clear move above the $28,200 resistance could send the price toward the $29,000 resistance.

Source: BTCUSD on TradingView.com

The next major resistance is near $29,500, above which the bulls could gain strength. In the stated case, the price could test the $30,000 level.

More Downsides In BTC?

If Bitcoin fails to start a fresh increase above the $26,950 resistance, it could continue to move lower. Immediate support on the downside is near the $26,600 level and the trend line.

The next major support is near the $26,500 level. A downside break and close below the $26,500 level might send the price toward the next support at $26,000.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.

Major Support Levels – $26,600, followed by $26,500.

Major Resistance Levels – $26,950, $27,200, and $27,500.

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