Bitcoin Price Analysis: BTC Could Extend Pump To $30K
Bitcoin price is showing positive signs above $27,000 against the US Dollar. BTC might gain bullish momentum if there is a clear move above the $28,500 zone.
Bitcoin Price Analysis
Bitcoin price started a steady increase from the $24,000 support zone. The price gained and cleared many hurdles near the $25,500 and $26,200 levels.
There was a clear move above the $27,000 level and the 55 simple moving average (4-hours). The bulls gained pace for a move above the $28,000 zone. The price even spiked above the $28,500 resistance zone and formed a high near $28,578.
Recently, there was a downside correction below the $28,000 level. The price declined below the 23.6% Fib retracement level of the upward move from the $24,443 swing low to $28,578 high.
The price is now trading above $27,000 and the 55 simple moving average (4-hours). An immediate resistance on the upside is near the $28,350 level.
The first major resistance is near the $28,500 level. The next major resistance on the upside is near the $29,500 level, above which the price could rise towards the $30,000 zone.
Any more gains might send the price towards the $32,000 zone. If there is no upside break, the price might start a downside correction below $28,000. There is also a key bullish trend line forming with support near $28,100 on the 4-hours chart of the BTC/USD pair.
The next key support is near the $26,500 level. It is close to the 50% Fib retracement level of the upward move from the $24,443 swing low to $28,578 high. Any more losses might call for a move towards the $24,000 support zone.
Looking at the chart, bitcoin price is clearly trading above $26,500 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear move above $28,500 level in the near term.
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 50 level.
Key Support Levels – $28,000 and $26,500.
Key Resistance Levels – $28,350, $28,500 and $30,000.
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