Bitcoin price saw a couple of wild moves above the $28,500 pivot level. BTC is now rising and showing positive signs above the $28,800 level.
Bitcoin climbed sharply and then nosedived to revisit the $27,250 support.
The price is trading above $28,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $27,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if it clears the $29,400 and $29,500 resistance levels.
Bitcoin Price Regains Traction
Bitcoin price started a major increase from the $27,000 support zone. BTC climbed over $2,000 and broke the $29,250 resistance zone. It even tested the $30,000 resistance before the bears appeared.
There was a sharp decline from the $30,037 high. Bitcoin dived over $2,000 and retested the $27,250 support where the bulls emerged. The price is now rising and trading above $28,000. It is also above $28,200 and the 100 hourly Simple moving average. Besides, there is a key bullish trend line forming with support near $27,800 on the hourly chart of the BTC/USD pair.
The bulls pushed the price above the 50% Fib retracement level of the downward move from the $30,037 swing high to the $27,258 low. Immediate resistance is near the $29,400 level.
Source: BTCUSD on TradingView.com
The 76.4% Fib retracement level of the downward move from the $30,037 swing high to the $27,258 low is also near the $29,400 zone. The next major resistance sits near the $29,500 zone. A close above the $29,500 resistance could send Bitcoin toward $30,000. Any more gains could open the doors for a test of the key barrier at $31,000.
Fresh Decline in BTC?
If Bitcoin’s price fails to clear the $29,400 resistance, it could again start a fresh decline. Immediate support on the downside is near the $28,650 level.
The next major support is near the $28,000 zone or the trend line. A downside break and close below the $28,000 support might push the price toward the $27,500 support. Any more losses might take Bitcoin toward $27,250.
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 – $28,650, followed by $28,000.
Major Resistance Levels – $29,400, $29,500, and $30,000.
