Bitcoin price is eyeing another surge towards the USD 28,500 resistance. BTC could start a strong rise if it breaks the USD 28,500 resistance zone.
- Bitcoin is making gains and showing positive signals above the $27,450 zone.
- The price is trading above USD 27,800 and the 100 hourly Simple Moving Average.
- A short-term descending channel is forming with resistance near $27,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could soon revisit the $28,500 resistance zone in the near term.
Bitcoin price aims higher
Bitcoin price started a downward correction after it failed to break the USD 28,500 resistance zone. BTC fell below the USD 28,000 level and tested the USD 27,200 support zone.
The recent low was formed around $27,185 and the price is rising again. There was a move above the USD 27,400 and USD 27,500 resistance levels. A high is being formed near $28,284 and the price is now consolidating gains below the 23.6% Fib retracement level from the recent rise from the $27,185 swing low to the $28,284 high.
Bitcoin is now trading above $27,800 and the 100 hourly Simple Moving Average. The price is now testing the USD 28,000 resistance zone. A short-term descending channel is also forming with resistance near $27,980 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The immediate resistance on the upside is near the USD 28,000 level. The next major resistance could be near the $28,500 level. A close above the USD 28,500 resistance could trigger a fresh rise. In the mentioned case, the price could rise towards the USD 29,200 resistance. Further gains could require a move towards the $30,000 level.
Another rejection in BTC?
If Bitcoin fails to hold higher above the USD 28,000 resistance, another decline could occur. The immediate downside support is near the $27,800 level and the 100 hourly Simple Moving Average.
The next major support is near the $27.4500 level. The main support is now forming around the $27,200 level. A downside break and a close below the USD 27,200 level could further push the price lower towards USD 26,650 in the near term. The next support is at $26,200.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 27,800, followed by USD 27,200.
Major resistance levels – $28,000, $28,500 and $29,200.
