Bitcoin price rose above the USD 27,500 resistance. BTC is consolidating near $28,000 and could start a small downside correction in the near term.
- Bitcoin gained speed above the USD 27,200 and USD 27,500 resistance levels.
- The price is trading above $27,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $27,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair signals more gains above $28,000 after a mild downside correction.
Bitcoin price rises to $28K
Bitcoin price started a decent rise above the USD 27,000 resistance zone. BTC gained pace for a move above the USD 27,200 and USD 27,500 resistance levels.
The upward move was such that the price even tested the USD 28,000 resistance. A high is formed near USD 28,087 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $26,692 swing low to the $28,087 high.
Bitcoin is trading above $27,500 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support around $27,350 on the hourly chart of the BTC/USD pair. The trendline is near the 50% Fib retracement level of the upward move from the $26,692 swing low to the $28,087 high.
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 $28,200 level. A close above the USD 28,200 resistance could send the price higher. In the mentioned case, the price could rise towards the USD 28,800 resistance. Further gains could require a move towards the $29,500 level.
Are dips supported in BTC?
If Bitcoin fails to hold higher above the USD 28,000 resistance, a downside correction could occur. The immediate downside support is near the USD 27,750 level.
The next major support is near the $27,350 level or trendline. A downside break and a close below the USD 27,350 level could send the price towards USD 27,000. The next support is at $26,750. Further losses could require a $26,200 test.
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 – USD 27,750, followed by USD 27,350.
Major resistance levels – $28,000, $28,200 and $28,800.
