Bitcoin Price Looks Ready For Another Leg Higher Over $28.5K

Bitcoin price is attempting an upside break above the $28,500 resistance zone. BTC could rally if there is a close above the $28,500 resistance zone.

• Bitcoin is gaining pace above the $28,000 resistance.
• The price is trading above $27,500 and the 100 hourly simple moving average.
• There is a key bullish trend line forming with support near $27,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if there is a close above the $28,500 resistance.

Bitcoin Price Eyes More Gains

Bitcoin price made another attempt to clear the $28,500 resistance zone. However, BTC struggled to gain pace for a close above the $28,500 resistance zone.

As a result, there was a downside correction below the $28,000 level. The price spiked below the 50% Fib retracement level of the upward move from the $23,912 swing low to $28,591 high. It tested the key $27,400 support zone and the 100 hourly simple moving average.

The bulls protected the 61.8% Fib retracement level of the upward move from the $23,912 swing low to $28,591 high. There is also a key bullish trend line forming with support near $27,780 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $27,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $28,400 level.

Source: BTCUSD on TradingView.com

The next major resistance is near the $28,500 zone or the recent high. A close above the $28,500 resistance might start another major increase. In the stated case, the price could rise towards the $29,200 level. Any more gains might send the price towards the $30,000 resistance zone.

Dips Limited in BTC?

If bitcoin price fails to clear the $28,500 resistance, it could start a downside correction. An immediate support on the downside is near the $27,780 zone, the 100 hourly simple moving average, and the trend line.

The next major support is near the $27,000 zone. Any more losses might send the price towards the $26,200 support zone. The next major support is near the $25,700 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $27,780, followed by $27,000.

Major Resistance Levels – $28,400, $28,500 and $30,000.

Source