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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin
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Bitcoin Price Looks Ready For Another Leg Higher Over $28.5K

Aayush Jindal by Aayush Jindal
6 months ago
in BTC

Bitcoin price is attempting an upside break above the $28,500 resistance zone. BTC could rally if there is a close above the $28,500 resistance zone.

  • Bitcoin is gaining pace above the $28,000 resistance.
  • The price is trading above $27,500 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $27,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if there is a close above the $28,500 resistance.

Bitcoin Price Eyes More Gains

Bitcoin price made another attempt to clear the $28,500 resistance zone. However, BTC struggled to gain pace for a close above the $28,500 resistance zone.

As a result, there was a downside correction below the $28,000 level. The price spiked below the 50% Fib retracement level of the upward move from the $23,912 swing low to $28,591 high. It tested the key $27,400 support zone and the 100 hourly simple moving average.

The bulls protected the 61.8% Fib retracement level of the upward move from the $23,912 swing low to $28,591 high. There is also a key bullish trend line forming with support near $27,780 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $27,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $28,400 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance is near the $28,500 zone or the recent high. A close above the $28,500 resistance might start another major increase. In the stated case, the price could rise towards the $29,200 level. Any more gains might send the price towards the $30,000 resistance zone.

Dips Limited 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 $27,780 zone, the 100 hourly simple moving average, and the trend line.

The next major support is near the $27,000 zone. Any more losses might send the price towards the $26,200 support zone. The next major support is near the $25,700 level.

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 – $27,780, followed by $27,000.

Major Resistance Levels – $28,400, $28,500 and $30,000.

Read bitcoin news daily on NewsBTC.com







Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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