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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

TA: Bitcoin Regains Strength, Why BTC Could Retest $28K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price started a downside correction from the $28,360 high against the US Dollar. BTC remained well bid above $26K, and it is likely to resume higher towards $28K.

  • Bitcoin is showing a lot of positive signs above the $26,000 support zone.
  • The price is currently trading above the $26,500 support and the 100 hourly simple moving average.
  • There was a break above a major contracting triangle with resistance near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher towards the $28,000 and $28,400 resistance levels.

Bitcoin Price is Showing Bullish Signs

In the past few days, there was a strong increase in bitcoin price above the $25,000 resistance. BTC even surged above the $26,500 and $27,000 resistance levels. Finally, the price surged above the $28,000 level and settled well above the 100 hourly simple moving average.

A new all-time high was formed near $28,360 before the price started a downside correction. It traded sharply below the $27,000 level. There was also a break below the 50% Fib retracement level of the upward move from the $24,532 swing low to $28,361 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

However, the bulls were active around the $26,000 support level. The 61.8% Fib retracement level of the upward move from the $24,532 swing low to $28,361 high also acted as a strong support.

Bitcoin price started a fresh increase above the $26,500 resistance. There was also a break above a major contracting triangle with resistance near $26,800 on the hourly chart of the BTC/USD pair. The pair is now trading above the $27,000 level.

An initial resistance on the upside is near the $27,275 level. A clear break above the $27,275 resistance could open the doors for a fresh run towards the $28,000 and $28,400 levels in the near term.

Fresh Drip in BTC?

If bitcoin fails to clear the $27,275 resistance level, it could correct lower. An initial support on the downside is near the $26,800 zone and the broken triangle trend line.

The first major support is near the $26,500 level. The main support is still near the $26,000 level, below which there is a risk of a sustained downward move in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.

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

Major Support Levels – $26,500, followed by $26,000.

Major Resistance Levels – $27,275, $28,000 and $28,400.

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Aayush Jindal
Aayush Jindal

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.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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