- Bitcoin price started a fresh increase above the $27,500 zone against the US Dollar.
- The price is now trading above $27,400 and the 55 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $28,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $27,150 support zone.
Bitcoin price is showing positive signs above $2,000 against the US Dollar. BTC might correct lower but dips could be limited below the $27,150 zone.
Bitcoin Price Analysis
Bitcoin price started a steady increase from the $26,000 support zone. The price gained and cleared many hurdles near the $26,500 and $27,000 levels.
There was a clear move above the $27,500 level and the 55 simple moving average (4 hours). The price even rallied above the $28,000 resistance zone. However, the bears were active near the $28,500 zone. A high was formed near $28,473 before there was a downside correction.
The price traded below $28,000 and the 23.6% Fib retracement level of the upward move from the $25,864 swing low to the $28,473 high. The price is now trading well above $27,200 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $28,000 level. There is also a key contracting triangle forming with resistance near $28,000 on the 4-hour chart of the BTC/USD pair. The first major resistance is near the $28,500 level, above which the price could rise toward the $29,500 zone.
Any more gains might send the price toward the $30,000 zone. If there is no upside break, the price might start a downside correction below $27,500.
The next key support is near the $27,150 level or the 50% Fib retracement level of the upward move from the $25,864 swing low to the $28,473 high. Any more losses might call for a move toward the $26,550 support zone.
Looking at the chart, Bitcoin price is trading above $27,200 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $27,150 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $27,150 and $26,550.
Key Resistance Levels – $28,000, $28,500, and $29,000.
