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

Aayush Jindal

Last Updated: June 11, 2024 2:12 pm

2 mins read

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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.

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.

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.

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.

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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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