Bitcoin price is correcting gains from $28,400. BTC must stay above the $27,500 support to start a fresh increase in the near term.
- Bitcoin is correcting gains below the $28,000 support zone.
- The price is trading above $27,500 and the 100 hourly Simple moving average.
- There was a break below a major bullish trend line with support near $27,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if the bulls manage to protect the $27,500 support.
Bitcoin Price Corrects Lower
Bitcoin price started a decent increase above the $28,000 resistance zone. However, BTC struggled to clear the $28,400 and $28,500 resistance levels.
A high was formed near $28,450 and the price started a downside correction. There was a move below the $28,000 support zone. The price declined below the 50% Fib retracement level of the upward move from the $27,142 swing low to the $28,450 high.Besides, there was a break below a major bullish trend line with support near $27,720 on the hourly chart of the BTC/USD pair. Bitcoin price is still trading above $27,500 and the 100 hourly Simple moving average.
It is finding bids near the 61.8% Fib retracement level of the upward move from the $27,142 swing low to the $28,450 high. Immediate resistance on the upside is near the $27,800 level. The next major resistance is near the $28,000 level.