Bitcoin prices are currently attempting to climb back above 28500, showing signs of once again challenging the resistance level of 30000.Bitcoin has found support, around 28150, and has started a new upward trend
Bitcoin prices are currently attempting to climb back above 28500, showing signs of once again challenging the resistance level of 30000.
Bitcoin has found support, around 28150, and has started a new upward trend. At this point, the price has exceeded 28500 and the 100 hour simple moving average.
On the hourly chart of the BTC/USD currency pair, a key upward channel is formed, with a resistance level of around 29000 (based on Kraken data source).
If the closing price can remain above the resistance level of 29000, then the currency pair may continue to rise.
Bitcoin prices are expected to break through
The price of Bitcoin has dropped below 29000 and even dropped below 28250 at one point. Fortunately, the price has found support around 28150 and has started a new upward trend.
Bitcoin prices have successfully broken through the resistance levels of 28400 and 28500. In addition, the price has cleared the 61.8% Fibonacci retracement level, which covers the area from the low point of 28980 to the recent swing high.
On the hourly chart of the BTC/USD currency pair, we can observe an important upward channel forming, with resistance levels around 29000.
The current transaction price of Bitcoin is above 28500 and also above the 100 hour simple moving average. The price is steadily rising, approaching the 28.15% Fibonacci retracement level, which has moved downwards from the recent swing high to the 28980 low.
From a technical analysis perspective, the price of Bitcoin is attempting to continue rising after facing some key resistance levels. At present, the direct resistance level is around 28950. The next key resistance level may be around 29000, especially in the channel area.
If Bitcoin prices can close above the resistance level of 29000, this may lay the foundation for greater gains. The next key resistance level may be at 29500. If market sentiment continues to remain optimistic, BTC is expected to rise to the level of 30000. If the bulls have high morale, they may aim for 31200.
Bitcoin falling again?
According to technical analysis, if Bitcoin fails to rise above the resistance level of 29000, it may fall again. The direct support level for the downward direction is around 28650.
The next main support level is near the 28350 level and the 100 hour simple moving average. At present, the main support level has been formed at around 28150. If Bitcoin prices go down and close below the support level of 28150, it may cause more losses. The next support level is at 27650, and if the price falls below this support level, it may test the 28120 level.
In terms of technical indicators, the hourly MACD indicator is displayed within the bullish range, and the trend is accelerating. The hourly relative strength index (RSI) shows that the relative strength of BTC/USD is above the 50 level, which may indicate a more optimistic market sentiment.
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