- Bitcoin price started a fresh increase above the $28,000 zone against the US Dollar.
- The price is now trading above $28,000 and the 55 simple moving average (4 hours).
- There was a break above a major contracting triangle with resistance near $28,400 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $29,000 support zone.
Bitcoin price is showing positive signs above $28,000 against the US Dollar. BTC might correct lower but dips could be limited below the $28,800 zone.
Bitcoin Price Analysis
Bitcoin price started a steady increase from the $27,500 support zone. The price gained and cleared many hurdles near the $28,500 and $28,800 levels.
There was a clear move above the $29,200 level and the 55 simple moving average (4 hours). Besides, there was a break above a major contracting triangle with resistance near $28,400 on the 4-hour chart of the BTC/USD pair.
The price even rallied above the $30,000 resistance zone. However, the bears were active near the $30,500 zone. A high was formed near $30,584 before there was a downside correction. The price traded below $30,050 and tested the 23.6% Fib retracement level of the upward move from the $27,814 swing low to the $30,584 high.
The price is now trading well above $28,800 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $30,250 level. The first major resistance is near the $30,500 level, above which the price could rise toward the $31,500 zone.
Any more gains might send the price toward the $32,000 zone. If there is no upside break, the price might start a downside correction below $30,000.
The next key support is near the $29,200 level or the 50% Fib retracement level of the upward move from the $27,814 swing low to the $30,584 high. Any more losses might call for a move toward the $28,800 support zone.
Looking at the chart, Bitcoin price is clearly trading above $28,800 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $29,000 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 60 level.
Key Support Levels – $29,200 and $28,800.
Key Resistance Levels – $30,500, $31,500, and $32,000.
