The critical upward break above the $27,500 resistance is being watched by the Bitcoin price. If BTC closes above $27,500, it may advance toward $28,200.
- The price of bitcoin is improving, but there are challenges around $27,500.
- The price is currently trading over $26,850, as is the 100-hourly simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a significant bullish trend line is forming, with support located close to $26,800.
- If there is a decisive move above the $27,500 resistance, the pair may climb even more.
The AUD/JPY pair has shown strong upward momentum recently, but it's now approaching a critical resistance level. Technical analysis suggests that a break above this level could lead to new bullish opportunities. 📈💹 #Forex #AUDJPY
— PipsJourney (@JourneyPip) September 17, 2023
Bitcoin Price Eyes More Upsides
Above the $26,800 barrier level, the price of bitcoin began to rise once more. BTC continued to trade strongly and even closed above the $27,000 pivot point.
Something very interesting is happening right now.
All eyes on #Bitcoin 👀
– Open Interest Surge like we last saw when BlackRock Filed for ETF
– Bullish Price Action w/out major news…
ETF Insiders front-running the news???
I dive into it ALL in my latest video… pic.twitter.com/1rCRMGO1A0
— Kyle Chassé (@kyle_chasse) September 18, 2023
The $27,500 zone, though, is still a busy area for bear activity. Near $27,494, a high has formed, and the price is currently consolidating gains. It is currently trading close below the level of the 23.6% Fib retracement of the upward movement from the swing low of $26,657 to the high of $27,494.
It is maintaining its gains and may aim for another rise. On the upside, there is immediate resistance close to the $27,450 mark. The $27,500 area is the first significant resistance, and if it is crossed, the price may begin another uptrend. The $28,200 level may serve as the next significant obstacle. The price could rise toward the $29,500 level with a clean move above the $28,200 resistance. In the hypothetical situation, the price might even test the $30,000 mark during the next few days.
Are Dips Limited In BTC?
The $27,500 resistance level could act as a barrier to further gains for Bitcoin, which could trigger a downward reversal. On the downside, there is immediate support close to the $27,050 mark.
— Snide (@nishantSnide) September 17, 2023
Near the trend line and the $26,800 mark is the next significant support. It is around the level of the 76.4% Fib retracement of the upward movement from the swing low of $26,657 to the high of $27,494. Price movement can go toward the next support at $26,200 if the downside breaks and closes below the $26,800 level.
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