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Bitcoin value began an upside correction from the $26,550 zone. BTC is rising and going through a robust resistance close to the $27,300 and $27,500 ranges.

• Bitcoin managed to get well above the $27,000 resistance zone.
• The value is buying and selling above $27,000 and the 100 hourly Simple shifting common.
• There was a break above a serious bearish pattern line with resistance close to $27,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair is exhibiting indicators of a restoration, however it may battle close to $27,300 and $27,500.

Bitcoin Price Attempts Fresh Recovery

Bitcoin value discovered support near the $26,550 level. BTC bears tried to clear $26,550, however they failed. As a end result, the worth began an upside correction above the $26,800 resistance.

There was a transfer above the 23.6% Fib retracement stage of the downward transfer from the $28,285 swing excessive to the $26,550 low. Besides, there was a break above a serious bearish pattern line with resistance close to $27,000 on the hourly chart of the BTC/USD pair.

Bitcoin is now buying and selling above $27,000 and the 100 hourly Simple shifting common. It looks like the worth is going through a robust resistance close to the $27,300 stage.

The next key resistance could be near $27,500 or the 61.8% Fib retracement stage of the downward transfer from the $28,285 swing excessive to the $26,550 low. A transparent transfer above the $27,500 and $27,650 resistance ranges may set the tempo for a bigger enhance.

Source: BTCUSD on TradingView.com

The subsequent key resistance may very well be $28,000. An in depth above the $28,000 resistance would possibly begin a gradual enhance towards the $28,500 stage. Any extra features would possibly ship BTC towards the $29,200 stage.

Another Decline In BTC?

If Bitcoin fails to get well larger above the $27,500 resistance, there may very well be a contemporary decline. Immediate help on the draw back is close to the $27,000 stage and the pattern line zone.

The subsequent main help is close to the $26,900 stage and the 100 hourly Simple shifting common. A draw back break and shut beneath the $26,900 help would possibly ship the worth additional decrease. The subsequent help sits at $26,550.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $27,000, adopted by $26,900.

Major Resistance Levels – $27,300, $27,500, and $27,650.