- Bitcoin price is trading in a positive zone from the $27,200 support against the US Dollar.
- The price is now trading above $27,500 and the 55 simple moving average (4 hours).
- There was a break above a major contracting triangle with resistance near $28,250 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $28,850 resistance zone.
Bitcoin price is rising from $27,200 against the US Dollar. BTC might eye another increase if the bulls remain active above the $28,000 zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline below the $28,000 support zone. There was a clear move below the $27,800 and $27,500 support levels. The pair traded as low as $27,227 and recently started a fresh increase.
There was a break above the $27,850 resistance zone. The price gained pace once it broke the $28,000 resistance zone and the 50% Fib retracement level of the downward move from the $28,826 swing high to the $27,227 low.
Besides, there was a break above a major contracting triangle with resistance near $28,250 on the 4-hours chart of the BTC/USD pair. The pair is now trading above $27,000 and the 55 simple moving average (4 hours). It is also above the 76.4% Fib retracement level of the downward move from the $28,826 swing high to the $27,227 low.
Immediate resistance on the upside is near the $28,850 level. The next major resistance might be near the $29,200 zone. The main resistance sits at $30,000.
A clear move above the $30,000 level might send the price toward $32,000, above which the price might rise toward the $33,200 level. Any more gains might push the price toward the $34,500 zone.
If there is no upside break, the price might start a fresh decline below the $28,400 level. The first major support is near $28,000. The next key support is near the $27,220 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $25,500 level.
Looking at the chart, Bitcoin’s price is trading above $28,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $28,850 resistance zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $28,400 and $27,220.
Key Resistance Levels – $28,850, $30,000, and $32,000.
