9 October 2023
Bitcoin price is eyeing a fresh increase toward the $28,500 resistance. BTC could start a strong increase if it clears the $28,500 resistance zone.
Bitcoin is holding gains and showing positive signs above the $27,450 zone.
The price is trading above $27,800 and the 100 hourly Simple moving average.
There is a short-term declining channel forming with resistance near $27,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could soon revisit the $28,500 resistance zone in the near term.
Bitcoin Price Aims Higher
Bitcoin price started a downside correction after it failed to clear the $28,500 resistance zone. BTC declined below the $28,000 level and tested the $27,200 support zone.
The recent low was formed near $27,185 and the price is again rising. There was a move above the $27,400 and $27,500 resistance levels. A high is formed near $28,284 and the price is now consolidating gains below the 23.6% Fib retracement level of the recent increase from the $27,185 swing low to the $28,284 high.
Bitcoin is now trading above $27,800 and the 100 hourly Simple moving average. The price is now testing the $28,000 resistance zone. There is also a short-term declining channel forming with resistance near $27,980 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
Immediate resistance on the upside is near the $28,000 level. The next key resistance could be near the $28,500 level. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $29,200 resistance. Any more gains might call for a move toward the $30,000 level.
Another Rejection In BTC?
If Bitcoin fails to continue higher above the $28,000 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,800 level and the 100 hourly Simple moving average.
The next major support is near the $27,4500 level. The main support is now forming near the $27,200 level. A downside break and close below the $27,200 level might push the price further lower toward $26,650 in the near term. The next support sits at $26,200.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $27,800, followed by $27,200.
Major Resistance Levels – $28,000, $28,500, and $29,200.