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If the price of bitcoin can maintain its current level, a "Liftoff" is imminent
The price of #bitcoin is now undergoing a period of consolidation, maintaining a position above the support level of $28,000. Bitcoin (BTC) has the potential to see a positive upswing if it successfully surpasses the resistance level around $28,550.
Bitcoin has initiated a period of consolidation beneath the $28,500 threshold.
The current trade price exceeds $27,800 and is above the 100-hourly Simple Moving Average.
On the hourly chart of the #BTC /USD pair, as observed from the data feed provided by Kraken, there is evidence of the formation of a contracting triangle with a resistance level in the vicinity of $28,500.
The potential for a new upward trend may arise if there is a definitive breach of the resistance level at $28,550.
The Bitcoin price is currently poised for a new upward movement.
The price of Bitcoin saw a decline and reduced its previously achieved gains within the $30,000 barrier range. Bitcoin (BTC) had a decline in trading value, falling below the thresholds of $29,200 and $28,800, resulting in a return to a short-term negative trading zone.
Nevertheless, the bulls exhibited heightened activity in the vicinity of the $28,000 threshold. A trough was established in the vicinity of $28,100, initiating a period of consolidation in the market. A price movement occurred that exceeded the threshold of $28,250. The price saw a test of the 23.6% Fibonacci retracement level, which corresponds to the negative movement from the swing high of $30,000 to the low of $28,100.
The current trading value of Bitcoin has surpassed $28,000, along with the inclusion of the 100-hourly Simple Moving Average. One positive aspect is that there is a nearby level of immediate resistance at about $28,550. On the hourly chart of the BTC/USD pair, there is evidence of a short-term contracting triangle taking shape, with a notable resistance level in the vicinity of $28,500.
The subsequent significant resistance level may potentially manifest around $29,000, which corresponds to the 50% Fibonacci retracement level derived from the negative trajectory spanning from the $30,000 peak to the $28,100 trough. A decisive breach of the resistance zone at $29,000 has the potential to provide momentum for a substantial upward movement. The subsequent significant level of resistance may potentially be observed at $29,500.
If the bullish trend persists, it is plausible that the next significant level over $29,500 may reach $30,000. Further increases in value might potentially propel Bitcoin (BTC) towards the price threshold of $30,650.
Are there potential more losses in the value of Bitcoin (BTC)?
In the event that Bitcoin is unable to surpass the resistance zone around $28,550, there is a possibility of additional downward movement. The immediate level of support on the downside may be observed in the vicinity of the $28,350 mark, as well as inside the triangular zone.
The subsequent significant level of support may be observed in the vicinity of $28,000. In the event of a breach and subsequent closure below the support level of $28,000, there exists the potential for a further decline in price. The subsequent level of support is identified at $27,600, coinciding with the 100-hourly Simple Moving Average.
Technical indicators are tools used in financial analysis to assist in making investment decisions. These indicators are based on mathematical calculations and statistical data derived
The hourly Moving Average Convergence Divergence (MACD) indicator is now exhibiting a deceleration inside the positive region.
The hourly Relative Strength Index (RSI) is a technical indicator used to assess the strength and momentum of a financial instrument over a specific time frame. The Relative Strength Index (RSI) for the BTC/USD pair has currently surpassed the 50 mark.
The primary levels of support are observed at $28,350, with a subsequent level at $28,000.
The major resistance levels for the observed variable are identified as $28,550, $29,000, and $29,500.
Bitcoin has initiated a period of consolidation beneath the $28,500 threshold.
The current trade price exceeds $27,800 and is above the 100-hourly Simple Moving Average.
On the hourly chart of the #BTC /USD pair, as observed from the data feed provided by Kraken, there is evidence of the formation of a contracting triangle with a resistance level in the vicinity of $28,500.
The potential for a new upward trend may arise if there is a definitive breach of the resistance level at $28,550.
The Bitcoin price is currently poised for a new upward movement.
The price of Bitcoin saw a decline and reduced its previously achieved gains within the $30,000 barrier range. Bitcoin (BTC) had a decline in trading value, falling below the thresholds of $29,200 and $28,800, resulting in a return to a short-term negative trading zone.
Nevertheless, the bulls exhibited heightened activity in the vicinity of the $28,000 threshold. A trough was established in the vicinity of $28,100, initiating a period of consolidation in the market. A price movement occurred that exceeded the threshold of $28,250. The price saw a test of the 23.6% Fibonacci retracement level, which corresponds to the negative movement from the swing high of $30,000 to the low of $28,100.
The current trading value of Bitcoin has surpassed $28,000, along with the inclusion of the 100-hourly Simple Moving Average. One positive aspect is that there is a nearby level of immediate resistance at about $28,550. On the hourly chart of the BTC/USD pair, there is evidence of a short-term contracting triangle taking shape, with a notable resistance level in the vicinity of $28,500.
The subsequent significant resistance level may potentially manifest around $29,000, which corresponds to the 50% Fibonacci retracement level derived from the negative trajectory spanning from the $30,000 peak to the $28,100 trough. A decisive breach of the resistance zone at $29,000 has the potential to provide momentum for a substantial upward movement. The subsequent significant level of resistance may potentially be observed at $29,500.
If the bullish trend persists, it is plausible that the next significant level over $29,500 may reach $30,000. Further increases in value might potentially propel Bitcoin (BTC) towards the price threshold of $30,650.
Are there potential more losses in the value of Bitcoin (BTC)?
In the event that Bitcoin is unable to surpass the resistance zone around $28,550, there is a possibility of additional downward movement. The immediate level of support on the downside may be observed in the vicinity of the $28,350 mark, as well as inside the triangular zone.
The subsequent significant level of support may be observed in the vicinity of $28,000. In the event of a breach and subsequent closure below the support level of $28,000, there exists the potential for a further decline in price. The subsequent level of support is identified at $27,600, coinciding with the 100-hourly Simple Moving Average.
Technical indicators are tools used in financial analysis to assist in making investment decisions. These indicators are based on mathematical calculations and statistical data derived
The hourly Moving Average Convergence Divergence (MACD) indicator is now exhibiting a deceleration inside the positive region.
The hourly Relative Strength Index (RSI) is a technical indicator used to assess the strength and momentum of a financial instrument over a specific time frame. The Relative Strength Index (RSI) for the BTC/USD pair has currently surpassed the 50 mark.
The primary levels of support are observed at $28,350, with a subsequent level at $28,000.
The major resistance levels for the observed variable are identified as $28,550, $29,000, and $29,500.
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