Bitcoin prices are consolidating above the support level of $28000. If BTC breaks through the resistance zone of $28550, it may gain a bullish outlook
Bitcoin prices are consolidating above the support level of $28000. If BTC breaks through the resistance zone of $28550, it may gain a bullish outlook.
- Bitcoin begins its consolidation phase below $28500.
- The price is trading above $27800 and the 100 hour simple moving average.
- The hourly chart of the BTC/USD currency pair forms a short-term contraction triangle, with resistance levels around $28500 (data from Kraken).
- If it significantly breaks through the resistance level of $28550, the currency pair may start a new round of gains.
Bitcoin prices aim for a new round of rise
Bitcoin prices have experienced a decline, falling from the resistance zone of $30000. The trading price of BTC has dropped below the levels of $29200 and $28800, entering a short-term negative zone.
However, long traders were actively active around $28000. The price has reached a low point near $28100 and is entering a consolidation phase. The price has risen to over $28250 and has also tested a 23.6% Fibonacci pullback in the downward trend from a fluctuating high of $30000 to a low of $28100.
Bitcoin prices are currently trading above $28000, above the 100 hour simple moving average. From a technical perspective, the key resistance level is around $28550. In addition, a short-term contraction triangle is formed on the hourly chart of the BTC/USD currency pair, with resistance levels around $28500.
The next key resistance may be around $29000, or a 50% Fibonacci pullback in the downward trend from a fluctuating high of $30000 to a low of $28100. If we successfully break through the resistance zone of $29000, it may lay the foundation for a larger increase. The next key resistance level may be around $29500.
If the bulls continue to maintain control, the next target above $29500 may be $30000. With further increases, the price of Bitcoin is likely to rise to the level of $30650.
Bitcoin loses more?
If Bitcoin cannot break through the resistance of $28550, it may continue to decline. The primary support level for the downward trend is around the $28350 level and the triangular area.
The next key support level is around $28000. If the price falls and falls below the support of $28000, it may lead to further decline. The next support level is around $27600 and the 100 hour simple moving average.
Technical indicators:
Hourly MACD: MACD is currently losing its bullish outlook.
Hourly RSI: The RSI of BTC/USD is currently above the 50 level.
Main support level: $28350, followed by $28000.
Main resistance levels: $28550, $29000, and $29500.
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