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Bitcoin worth prolonged its improve towards the $28,500 resistance. BTC corrected features and is at present holding a key assist at $27,350.

• Bitcoin climbed additional greater above the $28,000 and $28,200 resistance ranges.
• The worth is buying and selling above $27,400 and the 100 hourly Simple transferring common.
• There is a significant bullish development line forming with assist close to $27,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may begin one other improve except there’s a transfer beneath the $26,650 assist.

Bitcoin Price Remains Supported

Bitcoin worth began a decent increase above the $27,200 resistance zone. BTC climbed greater steadily above the $27,500 and $28,000 resistance ranges.

The worth examined the $28,500 resistance. A brand new multi-week excessive was shaped close to $28,565 earlier than it noticed a draw back correction. Finally, the worth noticed a draw back correction beneath the $28,200 and $28,000 ranges. It even moved beneath the 50% Fib retracement stage of the upward transfer from the $26,690 swing low to the $28,565 excessive.

Bitcoin continues to be buying and selling above $27,400 and the 100 hourly Simple moving average. Besides, there’s a main bullish development line forming with assist close to $27,400 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is close to the $27,850 stage. The subsequent key resistance could possibly be close to the $28,000 stage. A detailed above the $28,000 resistance may begin one other improve.

Source: BTCUSD on TradingView.com

In the said case, the worth may climb towards the $28,500 resistance. Any extra features would possibly name for a transfer towards the $29,200 stage.

More Losses In BTC?

If Bitcoin fails to proceed greater above the $28,000 resistance, there could possibly be extra downsides. Immediate assist on the draw back is close to the $27,400 stage and the development line.

The subsequent main assist is close to the $27,250 stage or the 100 SMA. A draw back break and shut beneath the $27,250 stage would possibly ship the worth towards $26,800. The subsequent assist sits at $26,650. Any extra losses would possibly name for a take a look at of $26,000.

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 beneath the 50 stage.

Major Support Levels – $27,250, adopted by $26,650.

Major Resistance Levels – $28,000, $28,500, and $29,200.