Bitcoin Price Close Above $27,500 Could Spark Larger Degree Rally

2023-09-20 03:15:15

Bitcoin price is eyeing a key upside break above the $27,500 resistance. BTC could rally further toward $28,200 if there is a close above $27,500.

Bitcoin is showing positive signs and facing hurdles near $27,500.
The price is trading above $26,850 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rally further if there is a clear move above the $27,500 resistance.

Bitcoin Price Eyes More Upsides

Bitcoin price started another increase above the $26,800 resistance zone. BTC remained well-bid and even settled above the $27,000 pivot level.

However, the bears are still active near the $27,500 zone. A high is formed near $27,494 and the price is now consolidating gains. It is trading just below the 23.6% Fib retracement level of the upward move from the $26,657 swing low to the $27,494 high.

Bitcoin is now trading above $26,850 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $26,800 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

It is consolidating gains and might eye a fresh increase. Immediate resistance on the upside is near the $27,450 level. The first major resistance is near the $27,500 zone, above which the price could start another rally. 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 $29,500 resistance. In the stated case, the price could even test the $30,000 level in the coming days.

Are Dips Limited In BTC?

If Bitcoin fails to start a fresh increase above the $27,500 resistance, it could start a downside correction. Immediate support on the downside is near the $27,050 level.

The next major support is near the $26,800 level and the trend line. It is close to the 76.4% Fib retracement level of the upward move from the $26,657 swing low to the $27,494 high. A downside break and close below the $26,800 level might send the price toward the next support at $26,200.

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 above the 50 level.

Major Support Levels – $27,050, followed by $26,800.

Major Resistance Levels – $27,450, $27,500, and $28,200.

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