Bitcoin Price Shows Signs of Weakness But Key Uptrend Support Intact

Bitcoin price spiked higher above the $29,000 level. BTC corrected lower and is currently consolidating above the $28,000 pivot level.

• Bitcoin gained pace above the $28,500 resistance but upsides were limited.
• The price is trading above $28,000 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase unless there is a clear move below the $27,650 support.

Bitcoin Price Fails To Retain Gains

Bitcoin price managed to climb further higher above the $28,200 resistance levels. BTC even spiked above the $28,500 and $28,800 resistance levels.

However, upsides were limited above the $29,000 level. A high was formed near $29,190 before the price started a fresh downside correction. There was a move below the $28,800 and $28,500 levels. The price tested the 50% Fib retracement level of the upward wave from the $26,600 swing low to $29,190 high.

Bitcoin price is now trading above $28,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $27,900 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $28,500 level. The next major resistance is near the $28,850 zone. The main resistance is now forming near the $29,200 level. A clear move above the $29,200 level might pump the price towards the $30,000 resistance. Any more gains might call for a test of the $32,000 resistance zone.

More Losses in BTC?

If bitcoin price fails to clear the $28,800 resistance, it could start another decline. An immediate support on the downside is near the $27,900 zone or the trend line.

The next major support is near the $27,680 zone and the 100 hourly simple moving average. It is near the 61.8% Fib retracement level of the upward wave from the $26,600 swing low to $29,190 high. A downside break below the $27,680 support might spark a fresh decline. The next major support is near the $27,210 level, below which the price might test $26,600.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $27,680, followed by $27,210.

Major Resistance Levels – $28,500, $28,800 and $29,200.

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