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.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.