Bitcoin price is consolidating above the $28,000 support. BTC could gain bullish momentum if it clears the $28,550 resistance zone.
- Bitcoin started a consolidation phase below the $28,500 level.
- The price is trading above $27,800 and the 100 hourly Simple moving average.
- There is a short-term contracting triangle forming with resistance near $28,500 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 move above the $28,550 resistance.
Bitcoin Price Aims Fresh Increase
Bitcoin price retreated and trimmed gains from the $30,000 resistance zone. BTC traded below the $29,200 and $28,800 levels to move back into a short-term negative zone.
However, the bulls were active near the $28,000 zone. A low was formed near $28,100 and the price started a consolidation phase. There was a move above the $28,250 level. The price tested the 23.6% Fib retracement level of the downward move from the $30,000 swing high to the $28,100 low.Bitcoin price is now trading above $28,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $28,550 level. There is also a short-term contracting triangle forming with resistance near $28,500 on the hourly chart of the BTC/USD pair.
The next key resistance could be near $29,000 or the 50% Fib retracement level of the downward move from the $30,000 swing high to the $28,100 low. A clear move above the $29,000 resistance zone could set the pace for a larger increase. The next key resistance could be $29,500.
