Bitcoin terms is consolidating supra the $28,000 support. BTC could summation bullish momentum if it clears the $28,550 absorption zone.
- Bitcoin started a consolidation signifier beneath the $28,500 level.
- The terms is trading supra $27,800 and the 100 hourly Simple moving average.
- There is simply a short-term contracting triangle forming with absorption adjacent $28,500 connected the hourly illustration of the BTC/USD brace (data provender from Kraken).
- The brace could commencement a caller summation if determination is simply a wide determination supra the $28,550 resistance.
Bitcoin Price Aims Fresh Increase
Bitcoin terms retreated and trimmed gains from the $30,000 absorption zone. BTC traded beneath the $29,200 and $28,800 levels to determination backmost into a short-term antagonistic zone.
However, the bulls were progressive adjacent the $28,000 zone. A debased was formed adjacent $28,100 and the terms started a consolidation phase. There was a determination supra the $28,250 level. The terms tested the 23.6% Fib retracement level of the downward determination from the $30,000 plaything precocious to the $28,100 low.
Bitcoin terms is present trading supra $28,000 and the 100 hourly Simple moving average. On the upside, contiguous absorption is adjacent the $28,550 level. There is besides a short-term contracting triangle forming with absorption adjacent $28,500 connected the hourly illustration of the BTC/USD pair.
The adjacent cardinal absorption could beryllium adjacent $29,000 oregon the 50% Fib retracement level of the downward determination from the $30,000 plaything precocious to the $28,100 low. A wide determination supra the $29,000 absorption portion could acceptable the gait for a larger increase. The adjacent cardinal absorption could beryllium $29,500.
Source: BTCUSD connected TradingView.com
If the bulls stay successful action, the adjacent halt supra $29,500 could beryllium $30,000. Any much gains mightiness nonstop BTC toward the $30,650 level.
More Losses In BTC?
If Bitcoin fails to emergence supra the $28,550 absorption zone, it could descent further. Immediate enactment connected the downside is adjacent the $28,350 level and the triangle region.
The adjacent large enactment is adjacent the $28,000 level. A downside interruption and adjacent beneath the $28,000 enactment mightiness nonstop the terms further lower. The adjacent enactment sits astatine $27,600 and the 100 hourly Simple moving average.
Technical indicators:
Hourly MACD – The MACD is present losing gait successful the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is present supra the 50 level.
Major Support Levels – $28,350, followed by $28,000.
Major Resistance Levels – $28,550, $29,000, and $29,500.
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