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Bitcoin price is still getting good offers above the $25,000 support zone. BTC started a steady rise and was able to clear the $26,500 resistance zone, outperforming Altcoins, Ethereum, and Ripple.
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There is a clear move above the resistance levels of $27,500 and $28,000. The price traded to a recent multi-week high of $28,450, and is currently correcting gains. There was a slight downward correction below the levels of $28,200 and $28,000. The price of Bitcoin is currently trading above $27,000 with a 100-hour moving average. It was well above the 23.6% Fibonacci retracement level of the upward movement from the swing low of $23,913 to the swing high of $28,450. In addition, there is a major bullish trend line formed with a support line near $27,100 on the hourly chart of the BTC/USD pair. On the upside, the immediate resistance is close to the $28,000 level, the next major resistance is near the $28,500 zone or the recent high.
A close above the $28,500 resistance may start for another surge. Based on the stated case, the price could surge upwards towards the level of $29,500. The next key resistance is near the $29,800 zone, above which price is likely to test the $30,000 barrier. If the Bitcoin price fails to cross the resistance line around $28,500, it is likely to initiate a downward correction. The immediate support on the downside is close to the $27,400 zone. The next major support point is close to the $27,000 trendline, below which the price is even testing the 100-hour moving average. The next major support point is near the $26,200 level. Another possible loss will send the price to the $25,000 level.
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also read :
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Bitcoin Price Loses Up To 8% Soars Below Support Zone |
