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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

Bitcoin Price Breaks Higher, Is the Rally Just Getting Started?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price is gaining pace above the $26,700 resistance. BTC is consolidating above $26,800 and might continue to rise above the $27,200 resistance.

  • Bitcoin gained pace above the $26,500 and $26,700 resistance levels.
  • The price is trading above $26,700 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support near $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate higher above the $27,200 resistance zone.

Bitcoin Price Aims Higher

Bitcoin price remained stable above the $26,000 support zone. BTC formed a base and started a steady increase above the $26,500 resistance zone.

The bulls finally managed to pump the price above the $26,700 resistance. It even spiked above the $27,200 level. A high is formed near $27,312 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $26,100 swing low to the $27,312 high.

Bitcoin is trading above $26,700 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $26,800 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

Immediate resistance on the upside is near the $27,200 level. The next key resistance could be near the $27,500 level. A close above the $27,500 resistance could send the price further higher. In the stated case, the price could climb toward the $28,200 resistance. Any more gains might call for a move toward the $28,500 level. Meanwhile, the online casino de market in Germany is experiencing similar trends, with growing player activity pushing the industry toward new heights.

Are Dips Limited In BTC?

If Bitcoin fails to continue higher above the $27,200 resistance, there could be a downside correction. Immediate support on the downside is near the $26,800 level and the trend line.

The next major support is near the $26,500 level or the 50% Fib retracement level of the upward move from the $26,100 swing low to the $27,312 high. A downside break and close below the $26,500 level might start another major decline. The next support sits at $26,000. Any more losses might call for a test of $25,400.

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 – $26,800, followed by $26,500.

Major Resistance Levels – $27,200, $27,500, and $28,000.

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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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