Bitcoin Price Could Restart Increase If It Clears This Key Resistance

2023-10-05 03:33:38

Bitcoin price found support near the $27,200 zone. BTC is now rising and might accelerate higher if it clears the $27,850 resistance zone.

Bitcoin is attempting a fresh increase from the $27,200 support.
The price is trading above $27,500 and the 100 hourly Simple moving average.
There is a key rising channel forming with resistance near $27,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further and revisit $28,500 if it clears the $27,850 resistance zone.

Bitcoin Price Holds Support

Bitcoin price found support near the $27,200 level after a downside correction. BTC remained well-bid and recently started a fresh increase above $27,400.

There was a move above the 23.6% Fib retracement level of the downside correction from the $28,565 swing high to the $27,188 low. Besides, the price surpassed the $27,650 resistance and the 100 hourly Simple moving average.

However, the bears were active near the $27,850 resistance. BTC struggled near the 50% Fib retracement level of the downside correction from the $28,565 swing high to the $27,188 low.

Bitcoin is now trading above $27,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $27,850 level. There is also a key rising channel forming with resistance near $27,850 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase. In the stated case, the price could climb toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.

Another Decline In BTC?

If Bitcoin fails to continue higher above the $27,850 resistance, there could be another decline. Immediate support on the downside is near the $27,500 level and the 100 hourly Simple moving average.

The next major support is near the $27,400 level. The main support is now near $27,200. A downside break and close below the $27,200 level might send the price toward $26,800 in the near term. The next support sits 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 – $27,500, followed by $27,200.

Major Resistance Levels – $27,850, $28,000, and $28,500.

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.