Bitcoin price is up 4% and is trading above $28,000. BTC needs to clear the $28,500 resistance zone to continue higher in the near term.
- Bitcoin is gaining speed above the $27,500 and $27,800 resistance levels.
- The price is trading above $28,000 and the 100 hourly simple moving average.
- A major bullish trendline is forming with support near USD 27,700 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could correct lower, but the bulls could be active near USD 27,700 and USD 27,500.
Bitcoin Price Recovers Over 4%
Bitcoin price managed to stay above the $26,000 support zone. BTC formed a base and started a recovery wave above the USD 27,000 resistance.
There was a steady rise as the price broke through the $27,500 resistance zone. It is up more than 4% and there was a break above the $28,000 resistance. A high is forming near $28,450 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $27,143 swing low to the $28,450 high.
Bitcoin price is now trading above $28,000 and the 100 hourly simple moving average. A major bullish trendline is also forming with support near USD 27,700 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $28,320 level. The next major resistance is near the $28,500 level. A close above the $28,500 resistance zone could send the price towards the $29,200 resistance zone.
Source: BTCUSD at TradingView.com
The next key resistance is near $29,500, above which the price could move towards the $30,000 resistance. More gains could send the price towards the $31,200 resistance level.
Are dips limited in BTC?
If the price of Bitcoin fails to clear the $28,500 resistance, it could trigger a downside correction. Immediate support on the downside is near the $28,000 level.
The next major support is near the $27,700 zone or the 50% Fib retracement level of the upward move from the $27,143 swing low to the $28,450 high, below which the price could test the $27,500 support. More losses could push Bitcoin to the $27,200 level in the near term.
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 in the overbought zone.
Major Support Levels – $28,000 followed by $27,700.
Major resistance levels – $28,320, $28,500 and $29,200.
