BTCUSD Chart Technical Outlook stalls at the 27,500 barrier, dips to be bought
We mentioned in yesterday’s report a resistance zone between 27,530 and 27,760. This barrier has temporarily held back buying interest.
However, with the complex corrective formation now assessed as being complete, we would look for dips to be bought and for this zone to be ‘taken out’.
To the downside, we have a support zone located between 26,965 and 26,530.
A full 261.8% extension level from 25,810 to 27,678 would result in a channel breakout and the major cryptocurrency trading towards the previous swing high of 31,050.