Bitcoin Price Nears Next Key Move, 100 SMA Is The Key

2023-05-31 02:42:30

Bitcoin price is consolidating above the $27,500 support. BTC could start a fresh increase unless there is a clear move and close below $27,500.

Bitcoin is still holding the key $27,500 support zone.
The price is trading above $27,550 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance near $27,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if there is a break above the $28,000 resistance zone.

Bitcoin Price Holds Support

Bitcoin price started a downside correction after it failed to clear the $28,500 resistance zone. BTC moved below the $28,200 and $28,000 levels.

There was also a drop below the $27,800 level but the bulls were active near the $27,500 support. A low is formed near $27,559 and the price is now consolidating. There was already a test of the 50% Fib retracement level of the recent decline from the $28,045 swing high to the $27,559 low.

Bitcoin price is now trading above $27,550 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $27,850 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $27,850 level and the trend line. The next major resistance is near the $28,000 level or the 76.4% Fib retracement level of the recent decline from the $28,045 swing high to the $27,559 low.

Source: BTCUSD on TradingView.com

An upside break and close above $28,000 could start a steady increase toward $28,500. If the bulls manage to clear the $28,500 resistance zone might send the price toward the $29,200 resistance zone. The next key resistance is near $29,500, above which the price might rise toward the $30,000 resistance.

Downside Break in BTC?

If Bitcoin’s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,550 level.

The next major support is near the $27,500 zone and the 100 hourly SMA, below which the price might start a steady decline. In the stated case, the price could drop toward the $27,000 support.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.

Major Support Levels – $27,550, followed by $27,500.

Major Resistance Levels – $28,000, $28,400, and $28,500.

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