Bitcoin Price Indicators Show Vulnerability to Another Downside Correction
28 Marzo 2023 - 09:12PM
NEWSBTC
Bitcoin price is attempting a recovery wave above the $27,000
resistance. BTC could gain bullish momentum if it clears the
$27,700 resistance zone. Bitcoin is slowly moving higher from the
$26,500 support. The price is trading below $27,500 and the 100
hourly simple moving average. There is a key bearish trend line
forming with resistance near $27,700 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could start a fresh
decline if it fails to clear the $27,700 resistance zone. Bitcoin
Price Faces Hurdle Bitcoin price remained well bid above the
$26,500 support zone. BTC formed a base and recently started a
fresh increase above the $26,850 resistance zone. There was a move
above the $27,000 resistance zone. The price even spiked above the
50% Fib retracement level of the key decline from the $28,240 swing
high to $26,490 low. However, the bears seem to be active near the
$27,500 resistance zone. Bitcoin price is now trading below $27,500
and the 100 hourly simple moving average. There is also a key
bearish trend line forming with resistance near $27,700 on the
hourly chart of the BTC/USD pair. On the upside, an immediate
resistance is near the $27,500 level and the 100 hourly simple
moving average. The next major resistance is near the $27,700 zone
and the trend line. The trend line is near the 61.8% Fib
retracement level of the key decline from the $28,240 swing high to
$26,490 low. Source: BTCUSD on TradingView.com A close above the
trend line resistance might send the price towards the $28,200
resistance. In the stated case, the price could climb higher
towards the $28,800 resistance, above which the price might start a
steady increase. Fresh Decline in BTC? If bitcoin price fails to
clear the $27,700 resistance, it could start another decline. An
immediate support on the downside is near the $27,000 zone. The
next major support is near the $26,650 zone. A downside break below
the $26,650 support might spark bearish moves. The next major
support is near the $25,500 level, below which the bears might take
control. Technical indicators: Hourly MACD – The MACD is now
gaining pace in the bullish zone. Hourly RSI (Relative Strength
Index) – The RSI for BTC/USD is now above the 50 level. Major
Support Levels – $27,000, followed by $26,650. Major Resistance
Levels – $27,500, $27,700 and $28,200.
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