{"id":24214,"date":"2023-05-17T09:53:39","date_gmt":"2023-05-17T13:53:39","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=24214"},"modified":"2023-05-17T09:53:39","modified_gmt":"2023-05-17T13:53:39","slug":"bitcoin-price-holds-support-and-might-soon-aim-fresh-increase-above-28k","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/17\/bitcoin-price-holds-support-and-might-soon-aim-fresh-increase-above-28k\/","title":{"rendered":"Bitcoin Price Holds Support and Might Soon Aim Fresh Increase Above $28K"},"content":{"rendered":"

Bitcoin price is holding support near $26,750. BTC might start a fresh increase if there is a clear move above the $27,550 resistance zone.<\/em><\/p>\n

Bitcoin is holding the key support at $26,750 and $26,600.
\nThe price is trading above $26,800 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it stays above $26,750 and the 100 hourly SMA.<\/p>\n

Bitcoin Price Aims Higher<\/h2>\n

Bitcoin price started a minor downside correction<\/a> after it failed to clear the $27,700 and $27,800 resistance levels. BTC formed a high near $27,677 before it corrected lower.<\/p>\n

There was a move below the $27,400 level. The price declined below the 23.6% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high. The price tested a major support near the $26,800 level and the 100 hourly Simple moving average.<\/p>\n

Bitcoin price is now trading above $26,600 and the 100 hourly Simple moving average<\/a>. There was a break above a key bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair. Immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,550 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $27,550 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might rise toward the $28,400 resistance. Any more gains might send the price toward the $28,800 level.<\/p>\n

Fresh Decline in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $27,550 resistance, it could start a fresh decline. Immediate support on the downside is near the $27,000 level and the 100 hourly SMA.<\/p>\n

The next major support is near the $26,750 zone or the 50% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high, below which the price might start a steady decline. In the stated case, it could revisit the $26,200 level. Any more losses might take Bitcoin toward the $26,000 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $26,750, followed by $26,200.<\/p>\n

Major Resistance Levels \u2013 $27,250, $27,550, and $28,300.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is holding support near $26,750. BTC might start a fresh increase if there is a clear move above the $27,550 resistance zone.<\/em><\/p>\n

Bitcoin is holding the key support at $26,750 and $26,600.
\nThe price is trading above $26,800 and the 100 hourly Simple moving average.
\nThere was a break above a key bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase if it stays above $26,750 and the 100 hourly SMA.<\/p>\n

Bitcoin Price Aims Higher<\/h2>\n

Bitcoin price started a minor downside correction<\/a> after it failed to clear the $27,700 and $27,800 resistance levels. BTC formed a high near $27,677 before it corrected lower.<\/p>\n

There was a move below the $27,400 level. The price declined below the 23.6% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high. The price tested a major support near the $26,800 level and the 100 hourly Simple moving average.<\/p>\n

Bitcoin price is now trading above $26,600 and the 100 hourly Simple moving average<\/a>. There was a break above a key bearish trend line with resistance near $27,000 on the hourly chart of the BTC\/USD pair. Immediate resistance is now forming near the $27,250 level. The next major resistance is near the $27,550 level.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

A close above the $27,550 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might rise toward the $28,400 resistance. Any more gains might send the price toward the $28,800 level.<\/p>\n

Fresh Decline in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $27,550 resistance, it could start a fresh decline. Immediate support on the downside is near the $27,000 level and the 100 hourly SMA.<\/p>\n

The next major support is near the $26,750 zone or the 50% Fib retracement level of the upward move from the $25,828 swing low to the $27,677 high, below which the price might start a steady decline. In the stated case, it could revisit the $26,200 level. Any more losses might take Bitcoin toward the $26,000 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $26,750, followed by $26,200.<\/p>\n

Major Resistance Levels \u2013 $27,250, $27,550, and $28,300.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-24214","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24214","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=24214"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24214\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24214"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}