Bitcoin Price Extends Consolidation and Might Soon Gear For Fresh Lift-off

Bitcoin price is still consolidating above the $27,000 support. BTC could start a fresh surge if there is a successful move above the $28,150 resistance.

• Bitcoin is moving higher above the $27,500 resistance.
• The price is trading above $27,500 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $27,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could surge if there is a close above the $28,150 resistance zone.

Bitcoin Price Remains Supported

Bitcoin price started a downside correction after it failed to clear the $28,800 resistance zone. BTC dived below the $28,000 level and even broke the $27,500 support zone.

However, the bulls were active near the $27,000 support zone. A low was formed near $27,007 and the price started a fresh increase. There was a clear move above the $27,500 resistance zone. The price surpassed the 50% Fib retracement level of the downward move from the $28,798 swing high to $27,007 low.

Bitcoin price is now trading above $27,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $27,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $28,120 level. It is near the 61.8% Fib retracement level of the downward move from the $28,798 swing high to $27,007 low. The next major resistance is near the $28,150 zone. A close above the $28,150 resistance might start another major increase. In the stated case, the price could rise towards the $28,800 level. Any more gains might send the price towards the $29,500 resistance zone.

Dips Supported in BTC?

If bitcoin price fails to clear the $28,150 resistance, it could start another decline. An immediate support on the downside is near the $27,800 zone and the 100 hourly SMA.

The next major support is near the $27,600 zone or the trend line. Any more losses might send the price towards the $27,150 support zone. The next major support is near the $27,000 level.

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 above the 50 level.

Major Support Levels – $27,600, followed by $27,000.

Major Resistance Levels – $28,150, $28,500 and $28,800.

Source