Bitcoin Price Presents Compelling Bullish Reversal Indicators – Could This Be It?
Key Takeaways:
Bitcoin price is moving higher above the $27,000 resistance.
BTC/USD is following a rising channel with resistance near $27,600 on the 4-hour chart.
The price could start a strong uptrend if it clears the $28,200 resistance zone.
NEW DELHI (CoinChapter.com) — Bitcoin price is gaining pace above $26,800. BTC/USD signals a potential bullish reversal but must clear the $28,200 resistance.
Bitcoin Price Aims Higher
In the last Bitcoin price prediction using a weekly chart, we discussed how the price held crucial support above the $23,800 level. The BTC/USD pair remained stable above the stated support and recently started a decent recovery wave above $25,500.
There was a break above the $26,200 and $26,555 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $28,193 swing high to the $24,917 low.
Bitcoin trades above $27,000 and the 50 simple moving average (blue, 4-hour). It also follows a rising channel with resistance near $27,600 on the 4-hour chart.
The current price action suggests bullish signs above the $26,550 and $27,000 levels. On the upside, BTC is facing resistance near the $27,400 level. It is close to the 76.4% Fib retracement level of the downward move from the $28,193 swing high to the $24,917 low.
The first major resistance is near the trend line and $28,200. A successful daily close above the $28,200 resistance could spark a bullish reversal. In the stated case, Bitcoin might rise toward $30,000 or even $32,000.
Another Decline?
Conversely, the price might fail to gain strength for a new high above $28,200. In the stated case, there could be a fresh decline below the $27,200 level.
Immediate support is near the channel zone at $26,920. The next key support is near the $26,400 level and the 50 simple moving average (blue, 4-hour). A close below the $26,400 support might spark a move toward the $25,800 support zone.
If Bitcoin fails to stay above the $25,800 support, there could be a drop toward the $25,000 level. Any more losses might open the doors for a move toward the $24,200 level.
Overall, Bitcoin’s price is still showing positive signs above $27,000. However, it must clear the $28,200 resistance to start a strong uptrend. Conversely, BTC might retreat and revisit the $26,400 support.
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Filed under: Bitcoin - @ September 19, 2023 12:16 pm