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Bitcoin Price Analysis: BTC Bulls Aim Fresh Uptrend

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  • Bitcoin price started a fresh increase above the $27,500 zone against the US Dollar.
  • The price is now trading above $27,500 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $28,000 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 $27,400 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 $27,400 zone.

Bitcoin Price Analysis

Bitcoin price started a steady increase from the $25,000 support zone. The price gained and cleared many hurdles near the $26,500 and $27,000 levels.

There was a clear move above the $27,500 level and the 55 simple moving average (4 hours). The price even rallied above the $28,000 resistance zone. However, the bears were active near the $29,000 zone. A high was formed near $29,050 and the price is now consolidating gains.

The price traded below $28,800 but is well above the 23.6% Fib retracement level of the upward move from the $24,750 swing low to the $29,050 high. The price is now trading well above $27,500 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $29,000 level. The first major resistance is near the $29,250 level, above which the price could rise toward the $30,000 zone.

Any more gains might send the price toward the $31,200 zone. If there is no upside break, the price might start a downside correction below $28,500.

The next key support is near the $28,000 level. There is also a key bullish trend line forming with support near $28,000 on the 4-hour chart of the BTC/USD pair. Any more losses might call for a move toward the $27,400 support zone or the 50% Fib retracement level of the upward move from the $24,750 swing low to the $29,050 high.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin price is trading above $27,500 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $27,400 support 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 – $28,000 and $27,400.

Key Resistance Levels – $29,000, $29,250, and $30,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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