Bitcoin price is surging above $28,000. BTC is up nearly 8% and there are chances of a move toward the $30,000 resistance zone.
Bitcoin is gaining pace above the $27,000 resistance.
The price is trading above $27,500 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support near $27,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rise further if it clears the $29,000 and $29,200 resistance levels.
Bitcoin price formed a strong support base above the $26,000 pivot level. BTC started a fresh rally and was able to clear the $27,500 resistance zone.
It opened the doors for a sustained upward move above the $28,000 level. The price even tested the $29,000 resistance zone. A high is formed near $29,000 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the recent surge from the $26,650 swing low to the $29,000 high.
Bitcoin price is now trading above $27,500 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $27,300 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, the price is facing resistance near the $29,000 level. The next major resistance is near the $29,200 level. A close above the $29,200 resistance might spark another strong move in the near term. The next major resistance is near the $30,000 level, above which the bulls might send BTC toward the $30,800 resistance zone.
If Bitcoin’s price fails to clear the $29,000 resistance, it could start a downside correction. Immediate support on the downside is near the $28,450 level.
The next major support is near the $27,850 level or the 50% Fib retracement level of the recent surge from the $26,650 swing low to the $29,000 high. The main support is now near $27,500 and the trend line zone, below which the price might start a steady decline toward $27,000. Any more losses might send the price toward $26,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in the overbought zone.
Major Support Levels – $28,450, followed by $27,850.
Major Resistance Levels – $29,000, $29,200, and $30,000.
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