Bitcoin Bulls Aim Big After Recent Surge To $28K

2023-10-02 04:34:21

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: BTCUSD on TradingView.com

Immediate resistance on the upside is near the $28,000 level. The next key resistance could be near the $28,200 level. A close above the $28,200 resistance could send the price further higher. In the stated case, the price could climb toward the $28,800 resistance. Any more gains might call for a move toward the $29,500 level.

Are Dips Supported In BTC?

If Bitcoin fails to continue higher above the $28,000 resistance, there could be a downside correction. Immediate support on the downside is near the $27,750 level.

The next major support is near the $27,350 level or and the trend line. A downside break and close below the $27,350 level might send the price toward $27,000. The next support sits at $26,750. Any more losses might call for a test of $26,200.

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 – $27,750, followed by $27,350.

Major Resistance Levels – $28,000, $28,200, and $28,800.

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