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.
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