Bitcoin price rallied above the $27,500 resistance. BTC is consolidating near $28,000 and might start a minor downside correction in the near term.
- Bitcoin gained pace above the $27,200 and $27,500 resistance levels.
- The price is trading above $27,500 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $27,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is signaling more gains above $28,000 after a mild downside correction.
Bitcoin Price Rallies To $28K
Bitcoin price started a decent increase above the $27,000 resistance zone. BTC gained pace for a move above the $27,200 and $27,500 resistance levels.
The upward move was such that the price even tested the $28,000 resistance. A high is formed near $28,087 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $26,692 swing low to the $28,087 high.Bitcoin is trading above $27,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $27,350 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $26,692 swing low to the $28,087 high.
Source: