{"id":30566,"date":"2023-10-05T03:53:07","date_gmt":"2023-10-05T07:53:07","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=30566"},"modified":"2023-10-05T03:53:07","modified_gmt":"2023-10-05T07:53:07","slug":"bitcoin-price-could-restart-increase-if-it-clears-this-key-resistance","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/10\/05\/bitcoin-price-could-restart-increase-if-it-clears-this-key-resistance\/","title":{"rendered":"Bitcoin Price Could Restart Increase If It Clears This Key Resistance"},"content":{"rendered":"

Bitcoin price found support near the $27,200 zone. BTC is now rising and might accelerate higher if it clears the $27,850 resistance zone.<\/em><\/p>\n

Bitcoin is attempting a fresh increase from the $27,200 support.
\nThe price is trading above $27,500 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with resistance near $27,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further and revisit $28,500 if it clears the $27,850 resistance zone.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price found support near the $27,200 level after a downside correction<\/a>. BTC remained well-bid and recently started a fresh increase above $27,400.<\/p>\n

There was a move above the 23.6% Fib retracement level of the downside correction from the $28,565 swing high to the $27,188 low. Besides, the price surpassed the $27,650 resistance and the 100 hourly Simple moving average.<\/p>\n

However, the bears were active near the $27,850 resistance. BTC struggled near the 50% Fib retracement level of the downside correction from the $28,565 swing high to the $27,188 low.<\/p>\n

Bitcoin is now trading above $27,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $27,850 level. There is also a key rising channel forming with resistance near $27,850 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase. In the stated case, the price could climb toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to continue higher above the $27,850 resistance, there could be another decline. Immediate support on the downside is near the $27,500 level and the 100 hourly Simple moving average.<\/p>\n

The next major support is near the $27,400 level. The main support is now near $27,200. A downside break and close below the $27,200 level might send the price toward $26,800 in the near term. The next support sits at $26,200.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $27,500, followed by $27,200.<\/p>\n

Major Resistance Levels \u2013 $27,850, $28,000, and $28,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price found support near the $27,200 zone. BTC is now rising and might accelerate higher if it clears the $27,850 resistance zone.<\/em><\/p>\n

Bitcoin is attempting a fresh increase from the $27,200 support.
\nThe price is trading above $27,500 and the 100 hourly Simple moving average.
\nThere is a key rising channel forming with resistance near $27,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could rise further and revisit $28,500 if it clears the $27,850 resistance zone.<\/p>\n

Bitcoin Price Holds Support<\/h2>\n

Bitcoin price found support near the $27,200 level after a downside correction<\/a>. BTC remained well-bid and recently started a fresh increase above $27,400.<\/p>\n

There was a move above the 23.6% Fib retracement level of the downside correction from the $28,565 swing high to the $27,188 low. Besides, the price surpassed the $27,650 resistance and the 100 hourly Simple moving average.<\/p>\n

However, the bears were active near the $27,850 resistance. BTC struggled near the 50% Fib retracement level of the downside correction from the $28,565 swing high to the $27,188 low.<\/p>\n

Bitcoin is now trading above $27,500 and the 100 hourly Simple moving average<\/a>. Immediate resistance on the upside is near the $27,850 level. There is also a key rising channel forming with resistance near $27,850 on the hourly chart of the BTC\/USD pair.<\/p>\n

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

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

The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase. In the stated case, the price could climb toward the $28,500 resistance. Any more gains might call for a move toward the $29,200 level.<\/p>\n

Another Decline In BTC?<\/h2>\n

If Bitcoin fails to continue higher above the $27,850 resistance, there could be another decline. Immediate support on the downside is near the $27,500 level and the 100 hourly Simple moving average.<\/p>\n

The next major support is near the $27,400 level. The main support is now near $27,200. A downside break and close below the $27,200 level might send the price toward $26,800 in the near term. The next support sits at $26,200.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing 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 $27,500, followed by $27,200.<\/p>\n

Major Resistance Levels \u2013 $27,850, $28,000, and $28,500.<\/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-30566","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\/30566","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=30566"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30566\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30566"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}