Bitcoin Price Trims Losses But Remains In Range, What Could Trigger Fresh Rally

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price trimmed all losses and climbed above $28,000. BTC must clear the $28,500 resistance zone to start a steady increase in the coming sessions.

Bitcoin is moving higher above the $28,000 resistance.
The price is trading above $28,000 and the 100 hourly simple moving average.
There is a connecting bullish trend line forming with support near $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rally if there is a close above the $28,400 resistance zone.

Bitcoin Price Eyes Fresh Rally

Bitcoin price started a major downside correction after the fed increased rates from 4.75% to 5%. BTC dived below the $27,500 level before the bulls appeared near the $26,600 zone.

A low was formed near $26,623 and the price started a fresh increase. It trimmed all its losses and climbed above the $27,500 resistance zone. There was a clear move above the $28,000 resistance, but the bears were again active near the $28,500 zone.

A high is formed near $28,798 and the price is now correcting lower. There was a move below the 23.6% Fib retracement level of the recent wave from the $26,623 swing low to $28,798 high.

Bitcoin price is now trading above $28,000 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support near $28,000 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $28,500 level.

Source: BTCUSD on TradingView.com

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

Dips Supported in BTC?

If bitcoin price fails to clear the $28,500 resistance, it could start another decline. An immediate support on the downside is near the $28,000 zone and the trend line.

The next major support is near the $27,700 zone or the 50% Fib retracement level of the recent wave from the $26,623 swing low to $28,798 high. Any more losses might send the price towards the $27,150 support zone. The next major support is near the $26,600 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $28,000, followed by $27,700.

Major Resistance Levels – $28,500, $28,800 and $29,500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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