Bitcoin price is trying to make a new surge above $28,500. BTC expects another upside break towards the $30,000 resistance in the near term.
- Bitcoin found support near $28,150 and started a new rise.
- The price is trading above $28,500 and the 100 hourly Simple Moving Average.
- A major ascending channel is forming with resistance near $29,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if a close above the $29,000 resistance occurs.
Bitcoin Price Looks to Breakout Upward
Bitcoin price struggled below the USD 29,000 level. BTC was even trading below the USD 28,250 level before the bulls appeared. The price found support near the $28,150 zone and recently started a new increase.
There was a move above the USD 28,400 and USD 28,500 resistance levels. The price crossed the 61.8% Fib retracement level of the downward move from the $28,980 swing high to the $28,150 low. A major ascending channel is also forming with resistance near $29,000 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $28,500 and the 100 hourly Simple Moving Average. It is slowly gaining pace and consolidating around the 76.4% Fib retracement level of the downward move from the $28,980 swing high to the $28,150 low.
Source: BTCUSD on TradingView.com
On the upside, immediate resistance is around the $28,950 level. The next major resistance could be near $29,000 and the channel region. A close above the $29,000 resistance zone could set the pace for a bigger rise. The next major resistance could be at USD 29,500. Any further gains could send BTC towards the USD 30,000 level, above which the bulls could target USD 31,200.
Another drop in BTC?
If Bitcoin fails to rise above the $29,000 resistance zone, it could trigger another decline. The immediate downside support is near the USD 28,650 level.
The next major support is near the $28,350 level and the 100 hourly Simple Moving Average. The main support is now near $28,150. A downside break and a close below the $28,150 support could lead to more losses in the near term. The next support is at $27,650, below which $28,120 could test.
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 – $28,650, followed by $28,150.
Major resistance levels – $28,950, $29,000 and $30,000.