Bitcoin price attempted a fresh increase above the $28,000 resistance zone. BTC struggled and is currently consolidating gains below $28,000.
- Bitcoin is facing a few hurdles above the $28,000 resistance.
- The price is trading above $27,000 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $27,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a downside correction if there is a break below $27,200.
Bitcoin Price Consolidates Gains
Bitcoin price remained well supported above the $26,000 zone. BTC made a couple of attempts to clear the $28,000 and $28,400 resistance levels.
However, the bears were active near the $28,500 level. A high is formed near $28,590 and the price is currently consolidating gains. There was a move below the $28,000 level. The price tested the 23.6% Fib retracement level of the upward wave from the $23,912 swing low to $28,590 high.
Bitcoin price is now trading above $27,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $27,700 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $28,200 level. The next major resistance is near the $28,500 zone or the recent high. A clear break above the $28,500 resistance might start another steady increase. In the stated case, the price could rise towards the $29,500 level. The next key resistance is near the $30,000 barrier, where the bears might take a stand.
Downside Break in BTC?
If bitcoin price fails to clear the $28,500 resistance, it could start a downside correction. An immediate support on the downside is near the $27,700 zone and the trend line.
The next major support is near the trend line and $27,200 and the 100 hourly simple moving average. Any more losses might send the price towards the 50% Fib retracement level of the upward wave from the $23,912 swing low to $28,590 high at $26,250. The next major support is near the $25,700 level.
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 near the 50 level.
Major Support Levels – $27,700, followed by $27,200.
Major Resistance Levels – $28,200, $28,500 and $30,000.