Bitcoin Price Close Above $28K Could Spark A Fresh Rally
Updated: May 23
Bitcoin price is rising above $27,200. BTC might gain bullish momentum if it clears the key $28,000 resistance zone in the coming sessions.
Bitcoin is moving higher above the $27,000 and $27,200 levels.
The price is trading above $27,000 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh rally if it clears the $27,550 and $28,000 resistance levels.
Bitcoin Price Attempts Upside Break
Bitcoin price started a fresh decline below the $26,800 level. BTC retested the $26,550 support zone and recently started a fresh increase.
There was a decent upward move above the $27,000 resistance zone. Besides, there was a break above a connecting bearish trend line with resistance near $27,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $27,000 and the 100 hourly Simple moving average.
It is also above the 61.8% Fib retracement level of the downward move from the $27,677 swing high to the $26,550 low. Immediate resistance is now forming near the $27,420 level.
The 76.4% Fib retracement level of the downward move from the $27,677 swing high to the $26,550 low is also near the $27,420 level. The next major resistance is near the $27,550 level.
A close above the $27,550 resistance might start a decent increase. The next key resistance is near $28,000, above which the price might gain bullish momentum and test the $29,200 resistance. Any more gains might send the price toward the $30,000 level.
Fresh Decline in BTC?
If Bitcoin’s price fails to clear the $27,550 resistance, it could start a fresh decline. Immediate support on the downside is near the $27,000 level and the 100 hourly SMA.
The next major support is near the $26,800 zone, below which the price might struggle to recover. In the stated case, it could revisit the $26,550 level. Any more losses might take Bitcoin toward the $26,000 level in the near term.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $27,000, followed by $26,550.
Major Resistance Levels – $27,420, $27,550, and $28,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.