Bitcoin rate formed a strong assistance base above $26,000 and began a fresh boost against the US Dollar. BTC is getting momentum and it is likely to break $28,000 and $28,400.
- Bitcoin is showing a great deal of positive signs above the $27,000 and $27,300 resistance levels.
- The cost is currently trading above the $27,500 support and the 100 per hour easy moving average.
- There was a break above a major bearish pattern line with resistance near $26,800 on the hourly chart of the BTC/USD set (information feed from Kraken).
- The pair is most likely to continue greater above $28,000 in the coming sessions.
Bitcoin Price Breaks $27,300
After a short-term downside correction, bitcoin rate found support near the $26,000 zone. BTC likely formed a double bottom pattern near $25,800 and started a fresh increase.
It broke numerous difficulties near $26,400 and $27,000 to move into a positive zone. There was a clear break above the crucial $27,300 resistance zone and the price settled above the 100 per hour simple moving average. There was likewise a break above a significant bearish trend line with resistance near $26,800 on the per hour chart of the BTC/USD pair.
Bitcoin price even cleared the 61.8% Fib retracement level of the downside correction from the $28,389 swing high to $25,782 low. It is showing a lot of positive signs above the $27,300 and $27,500 levels.
Source: BTCUSD on TradingView.com
The price is rising and trading simply above the 76.4% Fib retracement level of the downside correction from the $28,389 swing high to $25,782 low. It looks like there are opportunities of a continual upward relocation above the $28,000 resistance zone.
Anymore upsides might clear the path for a fresh all-time high above the $28,400 level. In the stated case, the cost might even rally towards the $30,000 level.
Dips Supported in BTC?
If bitcoin starts another drawback correction, it is most likely to discover assistance near the $27,300 zone (the recent breakout zone) or the $27,200 level.
The next significant assistance is near the $26,500 level and the 100 per hour SMA. Anymore losses could lead the cost back towards the crucial $26,000 support zone in the coming sessions.
Hourly MACD –– The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) –– The RSI for BTC/USD is presently well above the 50 level.
Major Support Levels –– $27,300, followed by $27,000.
Significant Resistance Levels –– $28,000, $28,400 and $29,200.