Bitcoin price rises above $28,000. BTC is up close to 8% and there are chances of a move towards the USD 30,000 resistance zone.
- Bitcoin is gaining pace above the $27,000 resistance.
- The price is trading above $27,500 and the 100 hourly simple moving average.
- A major bullish trendline is forming with support near USD 27,300 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could rise further if it crosses the $29,000 and $29,200 resistance levels.
Bitcoin Price Surges Above $28K
Bitcoin price formed a strong base above the USD 26,000 pivot level. BTC started another rally and managed to clear the $27,500 resistance zone.
It opened the doors for a sustained upward move above the $28,000 level. The price even tested the $29,000 resistance zone. A high is forming near $29,000 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level from its recent rise from the $26,650 swing low to the $29,000 high.
Bitcoin price is now trading above $27,500 and the 100 hourly simple moving average. A major bullish trendline is also forming with support near USD 27,300 on the hourly chart of the BTC/USD pair.
Source: BTCUSD at TradingView.com
On the upside, the price is facing resistance near the $29,000 level. The next major resistance is near the $29,200 level. A close above the $29,200 resistance could trigger another strong move in the near term. The next major resistance is near the USD 30,000 level, above which the bulls might send BTC towards the USD 30,800 resistance zone.
Are dips limited in BTC?
If the price of Bitcoin fails to clear the $29,000 resistance, it could trigger a downside correction. Immediate support on the downside is near the $28,450 level.
The next key support is near the $27,850 level or the 50% Fib retracement level from the recent rise from the $26,650 swing low to the $29,000 high. The main support is now near $27,500 and the trendline zone, below which the price could start a steady decline towards $27,000. Any more losses could send the price to $26,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in the overbought zone.
Key Support Levels – $28,450 followed by $27,850.
Major resistance levels – $29,000, $29,200 and $30,000.
