Bitcoin Price Surges Over $28,000 Resistance Zone: Will BTC Continue to Rise?
Bitcoin, the world's largest cryptocurrency, has been on a tear lately. In just a few days, its price surged over 20% and surpassed the crucial $28,000 resistance level. Although the price is currently correcting gains, experts believe that dips could be limited below the $26,200 support zone.
Bullish Trend Line and Strong Support
According to data feed from Kraken, Bitcoin is trading above $27,000 and the 100 hourly simple moving average. Furthermore, there is a key bullish trend line forming with support near $27,100 on the hourly chart of the BTC/USD pair. This indicates that the price could rally further if it stays above the $26,200 support zone.
Bitcoin Outperforms Altcoins
Bitcoin's steady increase has outperformed other altcoins such as Ethereum and Ripple. It cleared the $26,500 resistance zone and traded to a new multi-week high at $28,450. Although there was a minor downside correction below the $28,200 and $28,000 levels, Bitcoin's price remained well above $25,000 support zone.
Immediate Resistance and Upward Momentum
Bitcoin price is now trading above the 23.6% Fib retracement level of the upward move from the $23,913 swing low to $28,450 high. The price is also well supported by the 100 hourly simple moving average. On the upside, an immediate resistance is near the $28,000 level. If the price breaks above this resistance, there is a high chance that Bitcoin will continue its upward momentum.
Conclusion
Bitcoin's recent surge has once again proved its potential as a valuable asset for investors. With strong support and a bullish trend line, Bitcoin's price could continue to rise in the coming days. However, investors should also be aware of the volatile nature of cryptocurrency and the potential risks involved in investing in it. As always, it's essential to conduct thorough research and seek expert advice before making any investment decisions.
BTC Dips Supported: Key Support Levels to Watch
Bitcoin's recent surge has been impressive, but the price could face a downside correction if it fails to clear the $28,500 resistance level. In case of a correction, there is an immediate support near the $27,400 zone. If the price falls below this level, the next significant support is near the trend line and $27,000. A further downside could push the price towards the 100 hourly simple moving average at around $26,200. If the losses continue, the price may even test the $25,000 level.
Technical Indicators
The hourly MACD (Moving Average Convergence Divergence) indicator shows that the MACD is losing pace in the bullish zone, indicating a possible correction. The hourly RSI (Relative Strength Index) for BTC/USD is now below the 50 level, indicating that the bears may be gaining strength.
Key Support and Resistance Levels
The major support levels to watch for BTC/USD are $27,200, followed by $26,200. On the other hand, the major resistance levels are $28,000, $28,500, and $30,000.