Bitcoin Price Needs To Clear $29,000 For Hopes of a Fresh Rally
Bitcoin price is consolidating gains below the $28,800 resistance. BTC must clear $29,000 to start a fresh rally and clear the $30,000 resistance zone.
- Bitcoin is showing positive signs above the $28,000 support zone.
- The price is trading above $28,200 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $28,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another rally if it clears the $28,800 and $29,000 resistance levels.
Bitcoin Price Consolidates Gains
Bitcoin price remained well supported above the $27,550 zone. BTC formed a base and started a fresh increase above the $28,000 resistance zone.
There was a clear move above the $28,200 and $28,500 resistance levels. However, the price struggled to clear the $28,800 resistance zone. A high is formed near $28,792 and the price is now consolidating gains. It is trading above $28,200 and the 100 hourly simple moving average.
Bitcoin price is also above the 23.6% Fib retracement level of the upward move from the $27,212 swing low to the $28,792 high. Besides, there is a key bullish trend line forming with support near $28,400 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $28,800 level. The next major resistance is near the $29,000 zone. A clear move above the $29,000 level might pump the price towards the $29,800 resistance.
Source: BTCUSD on TradingView.com
The next key resistance is near the $30,000 level, above which the price could rise towards the $31,200 level. Any more gains might call for a test of the $32,000 resistance zone.
Another Decline in BTC?
If bitcoin price fails to clear the $28,800 resistance, it could start another decline. An immediate support on the downside is near the $28,400 zone and the trend line.
The next major support is near the $28,000 zone or the 50% Fib retracement level of the upward move from the $27,212 swing low to the $28,792 high. A downside break below the $28,000 support might send the price towards the $27,550 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $28,400, followed by $28,000.
Major Resistance Levels – $28,800, $29,000 and $29,800.
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Aayush Jindal, Khareem Sudlow