Bitcoin price started a fresh increase above the $28,000 resistance. BTC must clear the $28,500 and $28,800 resistance levels to continue higher.
- Bitcoin surged higher and tested the $28,550 resistance zone.
- The price is trading above $28,200 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $28,000 on the hourly chart of the BTC/USD pair (data feed by Kraken).
- The pair could continue its climb if it clears the $28,550 resistance level.
Bitcoin price clears resistance
Bitcoin price remained well bid above the $27,700 support zone. BTC formed a base and was able to climb back above the $28,000 resistance zone.
There was a clear move above the $28,200 resistance zone and the 100 hourly simple moving average. Also, there was a break above a major bearish trend line with resistance near $28,000 on the hourly chart of the BTC/USD pair.
The pair tested the $28,550 resistance zone. A high is formed near $28,548 and the price is now correcting lower. There was a move below the 23.6% Fib retracement level of the bullish move from the $27,812 swing low to the $28,548 high.
However, the price of bitcoin is now trading above $28,200 and the 100 hourly simple moving average. Immediate resistance is near $28,450. The next major resistance is near the $28,550 zone. A close above the $28,550 resistance could propel the price up towards the range resistance.
Source: BTCUSD on TradingView.com
The next key resistance is near $28,800, above which the price could rally towards $29,500. Further gains may require a test of the $30,000 resistance zone.
BTC falling again?
If bitcoin price fails to clear the $28,550 resistance, it could start another decline. Immediate support on the downside is near $28,250.
The next major support is near the $28,200 zone and the 50% Fib retracement level of the bullish move from the $27,812 swing low to the $28,548 high. A downside break and a close below the $28,200 support could push the price back towards $27,700. In the mentioned case, the price might perhaps drop towards the $27,200 support zone.
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.
Key support levels – $28,200 followed by $27,770.
Major resistance levels – $28,550, $28,800 and $29,500.
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