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Bitcoin worth is struggling to clear the $27,500 resistance. BTC might try one other improve if it stays above the $27,000 help.

• Bitcoin continues to be struggling to realize tempo above the $27,400 and $27,500 ranges.
• The worth is buying and selling above $27,000 and the 100 hourly Simple shifting common.
• There was a break above a serious bearish development line with resistance close to $27,140 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin a recent improve if it stays above the $27,000 pivot degree.

Bitcoin Price Revisits Support

Bitcoin worth began a decent increase from the $26,550 zone. BTC was capable of clear the $26,850 and $27,000 resistance ranges. It additionally sparked some constructive strikes in Ethereum.

During the rise, there was a break above a serious bearish development line with resistance close to $27,140 on the hourly chart of the BTC/USD pair. The pair spiked above the $27,400 resistance however there was no upside continuation. A excessive is fashioned close to $27,511 and the worth is now shifting decrease.

There was a transfer under the 23.6% Fib retracement degree of the upward transfer from the $26,536 swing low to the $27,511 excessive. Bitcoin worth is now buying and selling above $27,000 and the 100 hourly Simple moving average. It can be testing the damaged development line at $27,150.

Immediate resistance on the upside is close to the $27,280 degree. The subsequent main resistance is close to the $27,400 degree. The primary resistance continues to be close to $27,500. A detailed above the $27,500 resistance zone may ship the worth towards the $28,200 resistance zone.

Source: BTCUSD on TradingView.com

The subsequent key resistance is close to $28,500, above which the worth may begin a powerful improve towards the $29,200 resistance. Any extra beneficial properties may ship the worth towards the $30,000 degree.

Fresh Decline in BTC?

If Bitcoin’s worth fails to clear the $27,500 resistance, it might begin one other decline. Immediate help on the draw back is close to the $27,000 degree and the 100 hourly Simple shifting common.

The 50% Fib retracement degree of the upward transfer from the $26,536 swing low to the $27,511 excessive can be close to $27,000. The subsequent main help is close to the $26,850 zone, under which the worth may revisit the $26,550 help. Any extra losses may take Bitcoin towards the $26,000 degree within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 degree.

Major Support Levels – $27,000, adopted by $26,550.

Major Resistance Levels – $27,280, $27,400, and $27,500.