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Bitcoin price started a downside correction from its high of $ 28,360 against the US Dollar. BTC has continued to bid above $ 26k and will likely continue to rise to $ 28k.
Bitcoin is showing many positive signs above the $ 26,000 support zone.
The price is currently trading above the $ 26,500 support and the 100 hourly simple moving average.
There was a break above a major contract triangle with resistance near $ 26,800 on the hourly chart of the BTC / USD pair.
The pair is likely to continue rising towards the $ 28,000 and $ 28,400 resistance levels.
Bitcoin price shows bullish signs
Over the past few days, there has been a strong rise in bitcoin price above the $ 25,000 resistance. BTC even climbed above the $ 26,500 and $ 27,000 resistance levels.
Finally, the price broke above the $ 28,000 level and was well above the 100 hourly simple moving average.
A new all-time high was formed around $ 28,360 before the price started a downside correction.
However, the bulls were active near the $ 26,000 support level.
Bitcoin price started a new surge above the $ 26,500 resistance. There was also a break above a major contract triangle with resistance near $ 26,800 on the hourly chart of the BTC / USD pair. The pair is currently trading above the $ 27,152 level.
An initial resistance on the upside is near the $ 27.275 level. A clear break above the $ 27,275 resistance could open the door for a new run towards the $ 28,000 and $ 28,400 levels in the near term.
If BTC falls
If Bitcoin fails to break the $ 27.275 resistance level, it can correct lower. The first support on the downside is near the $ 26,800 zone and the broken triangle trend line.
The first major support is near the $ 26,500 level. The main support is still located near the $ 26,000 level, below which there is a risk of a constant downward movement in the coming sessions.
Technical indicators
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 50 level.
Support Levels – $ 26,500 followed by $ 26,000.
Resistance Levels – $ 27,275, $ 28,000 and $ 28,400.
