Bitcoin Price Sees Technical Correction But The Bulls Are Not Done Yet

by Aayush Jindal

Bitcoin price extended its increase toward the $28,500 resistance. BTC corrected gains and is currently holding a key support at $27,350.

• Bitcoin climbed further higher above the $28,000 and $28,200 resistance levels.
• The price is trading above $27,400 and the 100 hourly Simple moving average.
• There is a major bullish trend line forming with support near $27,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase unless there is a move below the $26,650 support.

Bitcoin Price Remains Supported

Bitcoin price started a decent increase above the $27,200 resistance zone. BTC climbed higher steadily above the $27,500 and $28,000 resistance levels.

The price tested the $28,500 resistance. A new multi-week high was formed near $28,565 before it saw a downside correction. Finally, the price saw a downside correction below the $28,200 and $28,000 levels. It even moved below the 50% Fib retracement level of the upward move from the $26,690 swing low to the $28,565 high.

Bitcoin is still trading above $27,400 and the 100 hourly Simple moving average. Besides, there is a major bullish trend line forming with support near $27,400 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $27,850 level. The next key resistance could be near the $28,000 level. A close above the $28,000 resistance could start another increase.

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