Bitcoin Price Fails Again But This Support Could Spark Fresh Increase

2023-05-24 03:20:42

Bitcoin price is struggling to clear the $27,500 resistance. BTC could attempt another increase if it stays above the $27,000 support.

Bitcoin is still struggling to gain pace above the $27,400 and $27,500 levels.
The price is trading above $27,000 and the 100 hourly Simple moving average.
There was a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it stays above the $27,000 pivot level.

Bitcoin Price Revisits Support

Bitcoin price started a decent increase from the $26,550 zone. BTC was able to clear the $26,850 and $27,000 resistance levels. It also sparked some positive moves in Ethereum.

During the increase, there was a break above a major bearish trend line with resistance near $27,140 on the hourly chart of the BTC/USD pair. The pair spiked above the $27,400 resistance but there was no upside continuation. A high is formed near $27,511 and the price is now moving lower.

There was a move below the 23.6% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high. Bitcoin price is now trading above $27,000 and the 100 hourly Simple moving average. It is also testing the broken trend line at $27,150.

Immediate resistance on the upside is near the $27,280 level. The next major resistance is near the $27,400 level. The main resistance is still near $27,500. A close above the $27,500 resistance zone might send the price toward the $28,200 resistance zone.

Source: BTCUSD on TradingView.com

The next key resistance is near $28,500, above which the price might start a strong increase toward the $29,200 resistance. Any more gains might send the price toward the $30,000 level.

Fresh Decline in BTC?

If Bitcoin’s price fails to clear the $27,500 resistance, it could start another decline. Immediate support on the downside is near the $27,000 level and the 100 hourly Simple moving average.

The 50% Fib retracement level of the upward move from the $26,536 swing low to the $27,511 high is also near $27,000. The next major support is near the $26,850 zone, below which the price might revisit the $26,550 support. Any more losses might take Bitcoin toward the $26,000 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

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

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

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.