Bitcoin prices have experienced several sharp fluctuations above the fulcrum level of $28500. BTC is currently rising and showing positive signs above $28800
Bitcoin prices have experienced several sharp fluctuations above the fulcrum level of $28500. BTC is currently rising and showing positive signs above $28800.
- Bitcoin surged and then plummeted, returning to its support level of $27250.
- The price is above $28000 and the 100 hour simple moving average.
- A key bullish trend line is formed on the hourly chart of the BTC/USD currency pair (data from Kraken), with support level around $27800.
- If it breaks through the resistance levels of $29400 and $29500, the currency pair may continue to rise.
Bitcoin prices regain attractiveness
Bitcoin prices have risen significantly from the support area of $27000. BTC climbed over $2000 and broke through the resistance level of $29250. It even tested a resistance level of $30000 before the bears appeared.
Significant decline from a high of $30037. Bitcoin dived over $2000 and retested the bullish support level of $27250. The price is currently rising, with a trading price exceeding $28000. It is also above the $28200 and 100 hour simple moving average. In addition, a key bullish trend line has been formed on the hourly chart of the BTC/USD currency pair, with support level around $27800.
The bulls pushed the price up to a 50% Fibonacci retracement level, moving down from a swinging high of $30037 to a low of $27258. The direct resistance level is around $29400.
The 76.4% Fibonacci retracement level, which moved down from the swinging high of $30037 to the low of $27258, is also near the $29400 range. The next major resistance is located near the $29500 area. A resistance level above the closing price of $29500 may drive Bitcoin up to $30000. Any additional revenue could open the door to testing the key level of $31000.
New decline in BTC?
If the price of Bitcoin fails to break through the resistance level of $29400, it may start a new decline again. The direct support level for the downward trend is around $28650.
The next major support level is in the $28000 area or near the trend line. Breaking through the downward trend and closing below the support level of $28000 may push the price towards the support level of $27500. Any further losses could bring Bitcoin to $27250.
Technical indicators:
Hourly MACD - MACD is now accelerating in bullish areas.
Hourly RSI (Relative strength index) - The RSI of BTC/USD is now higher than 50.
The main support level is $28650, followed by $28000.
Main resistance levels - $29400, $29500, and $30000.
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