Bitcoin Price is About to See “Liftoff” if It’s Able to Hold One Crucial Level

2023-10-18 03:33:41

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.

Source: BTCUSD on TradingView.com

If the bulls remain in action, the next stop above $29,500 could be $30,000. Any more gains might send BTC toward the $30,650 level.

More Losses In BTC?

If Bitcoin fails to rise above the $28,550 resistance zone, it could slide further. Immediate support on the downside is near the $28,350 level and the triangle region.

The next major support is near the $28,000 level. A downside break and close below the $28,000 support might send the price further lower. The next support sits at $27,600 and the 100 hourly Simple moving average.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $28,350, followed by $28,000.

Major Resistance Levels – $28,550, $29,000, and $29,500.

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