$26,500 resistance<\/a>. There was also a break above a major contracting triangle with resistance near $26,800 on the hourly chart of the BTC\/USD pair. The pair is now trading above the $27,000 level.<\/p>\nAn initial resistance on the upside is near the $27,275 level. A clear break above the $27,275 resistance could open the doors for a fresh run towards the $28,000 and $28,400 levels in the near term.<\/p>\n
Fresh Drip in BTC?<\/h2>\n If bitcoin fails to clear the $27,275 resistance level, it could correct lower. An initial support on the downside is near the $26,800 zone and the broken triangle trend line.<\/p>\n
The first major support is near the $26,500 level. The main support is still near the $26,000 level, below which there is a risk of a sustained downward move in the coming sessions.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is gaining momentum in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 50 level.<\/p>\n
Major Support Levels \u2013 $26,500, followed by $26,000.<\/p>\n
Major Resistance Levels \u2013 $27,275, $28,000 and $28,400.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a downside correction from the $28,360 high against the US Dollar. BTC remained well bid above $26K, and it is likely to resume higher towards $28K. Bitcoin is showing a lot of 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 contracting triangle with resistance near $26,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue higher towards the $28,000 and $28,400 resistance levels. Bitcoin Price is Showing Bullish Signs In the past few days, there was a strong increase in bitcoin price above the $25,000 resistance. BTC even surged above the $26,500 and $27,000 resistance levels. Finally, the price surged above the $28,000 level and settled well above the 100 hourly simple moving average. A new all-time high was formed near $28,360 before the price started a downside correction. It traded sharply below the $27,000 level. There was also a break below the 50% Fib retracement level of the upward move from the $24,532 swing low to $28,361 high. Source: BTCUSD on TradingView.com However, the bulls were active around the $26,000 support level. The 61.8% Fib retracement level of the upward move from the $24,532 swing low to $28,361 high also acted as a strong support. Bitcoin price started a fresh increase above the $26,500 resistance. There was also a break above a major contracting triangle with resistance near $26,800 on the hourly chart of the BTC\/USD pair. The pair is now trading above the $27,000 level. An initial resistance on the upside is near the $27,275 level. A clear break above the $27,275 resistance could open the doors for a fresh run towards the $28,000 and $28,400 levels in the near term. Fresh Drip in BTC? If bitcoin fails to clear the $27,275 resistance level, it could correct lower. An initial 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 near the $26,000 level, below which there is a risk of a sustained downward move in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently well above the 50 level. Major Support Levels \u2013 $26,500, followed by $26,000. Major Resistance Levels \u2013 $27,275, $28,000 and $28,400.<\/p>\n","protected":false},"author":67,"featured_media":453140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-453138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n
TA: Bitcoin Regains Strength, Why BTC Could Retest $28K<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n