The price of bitcoin increased above the $27,500 barrier. #bitcoin is consolidating near $28,000 and could soon begin a small bearish correction.
Above the $27,200 and $27,500 resistance levels, Bitcoin accelerated its growth.
Over $27,500 and the 100 hourly Simple Moving Average, the price is currently trading.
In the hourly chart of the BTC/USD pair, a significant bullish trend line is forming, with support located close to $27,350. (data feed from Kraken).
After a slight downside adjustment, the pair is indicating further increases above $28,000.
Price of Bitcoin Increases The price of Bitcoin began a steady rise above the $27,000 area of resistance, reaching $28K. For a move over the $27,200 and $27,500 resistance levels, BTC picked its speed.
The price even challenged the $28,000 resistance due to the strong upward movement. At $28,087, a high has formed, and the price is currently consolidating gains. The upward movement from the $26,692 swing low to the $28,087 high is currently trading well over the 23.6% Fib retracement line.
The 100 hourly Simple moving average and the $27,500 mark are being traded above by Bitcoin. In the hourly chart of the BTC/USD pair, a significant bullish trend line with support near $27,350 is also developing. The upward movement from the $26,692 swing low to the $28,087 high is being retraced by the trend line at a level close to its 50% Fib retracement.
Upward immediate resistance is located close to the $28,000 mark. The $28,200 level may serve as the next significant obstacle. Price growth may be possible if the resistance level of $28,200 is closed above. The price may rise towards the $28,800 resistance in the scenario given. Any additional gains might necessitate a move up towards the $29,500 mark.
Do Dips Work With Bitcoin?
A downward correction may occur if Bitcoin fails to move higher above the $28,000 resistance. On the downside, there is immediate support close to the $27,750 mark.
The trend line and the $27,350 level are the closest significant supports. The price may move towards $27,000 if it breaks down and closes below the $27,350 mark. At $26,750, the next support is located. Any additional losses might necessitate a $26,200 test.
Hourly MACD: The MACD has started to slow down in the positive area.
Relative Strength Index (RSI) hourly - The BTC/USD RSI is currently higher than 50.
$27,750 for Major Support Levels, then $27,350.
Three significant resistance levels exist: $28,000, $28,200, and $28,800.