Bitcoin worth spiked towards $30,000 after pretend information about spot ETF hit the market. BTC is now consolidating above $28,200 and will rise towards $29,200.
- Bitcoin is holding positive factors above the $28,000 and $28,200 ranges.
- The worth is buying and selling above $28,200 and the 100 hourly Simple shifting common.
- There is a key bullish pattern line forming with help close to $28,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair might begin a contemporary improve if there’s a clear transfer above the $28,800 resistance.
Bitcoin Price Aims Higher
Bitcoin worth began a robust improve above the $27,500 resistance zone. BTC noticed a wild improve after pretend information concerning the spot ETF approval hit the market.
There was a nasty improve above the $28,500 resistance. The worth even spiked towards $30,000 earlier than trimming positive factors. There was a drop beneath the $29,200 and $28,800 help ranges. The worth even declined beneath the 50% Fib retracement degree of the upward transfer from the $26,820 swing low to the $30,000 excessive.
Bitcoin worth is now buying and selling above $28,200 and the 100 hourly Simple moving average. There can also be a key bullish pattern line forming with help close to $28,000 on the hourly chart of the BTC/USD pair. The pattern line is close to the 61.8% Fib retracement degree of the upward transfer from the $26,820 swing low to the $30,000 excessive.
On the upside, speedy resistance is close to the $28,600 degree. The subsequent key resistance could possibly be close to $28,800. A transparent transfer above the $28,600 and $28,800 resistance ranges might set the tempo for a bigger improve. The subsequent key resistance could possibly be $29,200.
Source: BTCUSD on TradingView.com
An in depth above the $29,200 resistance may begin a gentle improve towards the $29,500 degree. Any extra positive factors may ship BTC towards the $30,000 degree.
Another Decline In BTC?
If Bitcoin fails to rise above the $28,800 resistance zone, it might slide additional. Immediate help on the draw back is close to the $28,000 degree and the pattern line zone.
The subsequent main help is close to the $27,800 degree. A draw back break and shut beneath the $27,800 help may ship the worth additional decrease. The subsequent help sits at $27,200 and the 100 hourly Simple shifting common.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.
Major Support Levels – $28,000, adopted by $27,800.
Major Resistance Levels – $28,600, $28,800, and $29,200.
