Analytics
bt-crow.com
2 h
Reading time: ~2 m
The price of bitcoin began to rise steadily from the support zone of $24,000. It rose and overcame many obstacles near the levels of $25,500 and $26,200
There was a clear move above the $27,000 level and the 55 simple moving average (4 hours). The bulls gained momentum and rose above the $28,000 zone. The rate even moved above the $28,500 resistance zone and formed a high near $28,578.
There was a recent downward correction below $28,000. BTC fell below the 23.6% Fibonacci retracement level of the up move from a swing low of $24,443 to a high of $28,578.
Bitcoin is currently trading above $27,000 and the 55x simple moving average (4 hours). Immediate upside resistance is near the $28,350 level.
The first major resistance is around the $28,500 level. The next major upside resistance is around the $29,500 level, above which BTC could rise to the $30,000 zone.
Any additional gains could send BTC to the $32,000 zone. If there is no upside breakout, the rate could start a downward correction below $28,000. The BTC/USD 4-hour chart also forms a key bullish trend line with support around $28,100.
The next key support is near the $26,500 level. It is close to the 50% Fibonacci retracement level of the up move from the $24,443 swing low to the 28,578 high. Any new losses could require a move to the $24,000 support zone.
#Bitcoin #ready #rise
