Bitcoin Holds Gains and Targets $28,500 Resistance
The price of Bitcoin is currently showing positive signs and holding onto its gains above the $27,450 zone. It is trading above $27,800 and the 100 hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair, a short-term declining channel is forming with resistance near $27,980. The pair has the potential to revisit the $28,500 resistance zone in the near future.
Bitcoin Price Correction and Current Rise
After failing to surpass the $28,500 resistance zone, Bitcoin experienced a downside correction. It dropped below $28,000 and tested support at $27,200. However, it has since started rising again and has surpassed resistance levels at $27,400 and $27,500. The price reached a high near $28,284 and is now consolidating gains below the 23.6% Fibonacci retracement level of the recent increase.
Key Levels to Watch
Bitcoin is currently trading above $27,800 and the 100 hourly SMA. It is testing the $28,000 resistance zone while forming a short-term declining channel with resistance at around $27,980 on the BTC/USD hourly chart. If it breaks above the $28,500 resistance level, it could initiate another increase towards the $29,200 resistance level. Further gains may even push the price towards $30,000.
Possible Rejection and Support Levels
If Bitcoin fails to break above the $28,000 resistance level, it may experience a fresh decline. The immediate support on the downside is around $27,800 and the 100 hourly SMA. The next major support level is near $27,200. A break and close below this level could result in a further drop towards $26,650 in the near term, with the next support level at $26,200.
Technical Indicators
The hourly Moving Average Convergence Divergence (MACD) is gaining momentum in the bullish zone. The Relative Strength Index (RSI) for BTC/USD is currently above the 50 level.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Holds onto Gains and Aims for $28,500 Resistance
Bitcoin continues to show strength as it holds onto its gains above the $27,450 zone. With the price trading above key levels and forming a short-term declining channel, there is potential for it to revisit the $28,500 resistance zone soon. However, if it fails to break above the $28,000 resistance level, a downside correction may occur. The immediate support levels to watch are at $27,800 and $27,200. Technical indicators suggest bullish momentum with the MACD gaining pace in the bullish zone and the RSI above 50. Keep an eye on these key levels as they will determine Bitcoin’s next move.
By
By
By
By
