HomeBitcoin NewsBitcoin Price Analysis: BTC Rally Could Resume Above $28,800

Bitcoin Price Analysis: BTC Rally Could Resume Above $28,800

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  • Bitcoin price started a downside correction from the $30,000 zone against the US Dollar.
  • The price is now trading above $28,000 and the 55 simple moving average (4 hours).
  • There is a short-term contracting triangle with support near $28,250 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it stays above the $27,750 support zone.

Bitcoin price is correcting lower below $28,750 against the US Dollar. BTC might eye another increase if the bulls remain active above the $27,750 zone.

Bitcoin Price Analysis

Bitcoin price gained pace after fake news of spot ETF approval and rallied toward the $30,000 resistance zone. A high was formed near $30,000 before the price started a downside correction. There was a clear move below the $28,800 and $28,650 levels.

The bears were able to push the price toward the 50% Fib retracement level of the upward move from the $26,537 swing low to the $30,000 high. It is now trading above $28,000 and the 55 simple moving average (4 hours).

However, the bulls are now active near the $28,200 support. There is also a short-term contracting triangle with support near $28,250 on the 4-hour chart of the BTC/USD pair. Immediate resistance on the upside is near the $28,600 level.

The next major resistance might be near the $28,800 zone. A clear move above the $28,800 level might send the price toward $29,500, above which the price might rise toward the $30,000 level. Any more gains might push the price toward the $32,000 zone.

If there is no upside break, the price might continue to decline below the $28,250 level. The first major support is $27,750 or the 61.8% Fib retracement level of the upward move from the $26,537 swing low to the $30,000 high. The next key support is near the $27,350 level, below which the price might accelerate lower.

In the stated case, the price could decline toward the $26,500 level. Any more losses might send the price toward the $26,000 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, Bitcoin price is clearly trading above $28,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $27,750 support zone.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $28,250 and $27,750.

Key Resistance Levels – $28,600, $28,800, 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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