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Bitcoin Price Analysis: BTC Could Extend Rally above $28.5K

Summary:
Bitcoin price started a fresh upward move from the ,000 support zone against the US Dollar.The price is now trading well above ,000 and the 55 simple moving average (4-hours).There is a major bullish trend line forming with support near ,150 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is likely to continue higher if it clears the ,350 and ,500 resistance levels.Bitcoin price is currently gaining momentum above ,500 against the US Dollar. BTC could rally further above ,350 as long as it is above ,000.Bitcoin Price AnalysisRecently, bitcoin price saw a minor downside correction from the ,350 high against the US Dollar. BTC traded below the ,500 and ,000 levels. However, it remained well bid above the ,000 level and the 55

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  • Bitcoin price started a fresh upward move from the $26,000 support zone against the US Dollar.
  • The price is now trading well above $27,000 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $27,150 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to continue higher if it clears the $28,350 and $28,500 resistance levels.

Bitcoin price is currently gaining momentum above $27,500 against the US Dollar. BTC could rally further above $28,350 as long as it is above $27,000.

Bitcoin Price Analysis

Recently, bitcoin price saw a minor downside correction from the $28,350 high against the US Dollar. BTC traded below the $27,500 and $27,000 levels. However, it remained well bid above the $26,000 level and the 55 simple moving average (4-hours).

A new support base was formed near the $26,000 and $25,850 levels. The recent swing low was near $26,166 before the price climbed higher. It broke the $27,000 and $27,500 resistance levels.

The price even cleared the $28,000 resistance, but it struggled again to clear the $28,350 resistance zone. A high is formed near $28,224 and the price is currently correcting lower. It already tested the $27,800 level, and the 23.6% Fib retracement level of the recent upward move from the $26,166 swing low to $28,224 high.

On the downside, there is a strong support forming near the $27,150 level. There is also a major bullish trend line forming with support near $27,150 on the 4-hours chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the recent upward move from the $26,166 swing low to $28,224 high. Any more losses could lead the price back towards the $26,000 support zone.

On the upside, the $28,000 and $28,350 levels are important hurdles. A successful close above the $28,000 level, with a follow up move above the $28,350 level could open the doors for a surge towards the $30,000 level.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading nicely above $27,000 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it clears the $28,000 and $28,350 resistance levels.

Technical indicators

4 hours MACD – The MACD is showing positive signs in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is still well above the 55 level.

Key Support Levels – $27,000 and $26,000.

Key Resistance Levels – $28,000, $28,350 and $29,200.

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