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- Bitcoin started a rise above the $28,000 resistance.
- The price is trading above $28,000 and the 100 hourly simple moving average.
- There is a connecting bullish trend forming with support near $28,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if there is a clear break above the $28,400 resistance zone.
Bitcoin Price Looking for a New Uptrend
After the Fed raised interest rates from 4.75% to 5%, Bitcoin price started a major decline. BTC found buyers near the $26,600 area before dropping below the $27,500 level. A low was formed near $26,623 and the price started a new increase.
The price rose above all losses and climbed above the $27,500 resistance. There was a clear move above the $28,000 resistance, but bears were active again near the $28,500 zone. A high was formed near $28,798 and the price is now declining. The recent wave moved below the 23.6% Fib retracement level of the upward move from the $26,623 low to $28,798 high.
The Bitcoin price is now trading above $28,000 and the 100 hourly simple moving average. There is also a connecting bullish trend forming near $28,000 on the hourly BTC/USD pair chart. In the uptrend, there is an immediate resistance at the $28,500 level.
The next major resistance is at the $28,500 zone. If there is a clear break above the $28,500 resistance, another major increase could start. In this case, the price could rise towards the $29,500 level. Further gains could send the price towards the $30,000 resistance zone.
Are Dips Supported in BTC?
If Bitcoin price fails to surpass the $28,500 resistance, it could start another decline. There is an immediate support at the $28,000 zone and the trend line. The next major support is at the $27,700 zone or the 50% Fib retracement level of the recent wave from the $26,623 low to $28,798 high.
Further losses could send the price towards the $27,150 support zone. The next major support is at the $26,600 level.
- Hourly MACD – The MACD is losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
- Major Support Levels – $28,000, followed by $27,700.
- Major Resistance Levels – $28,500, $28,800, and $29,500.