- 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.
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.