Bitcoin Price Hesitates, But Further Gains Seem Likely Toward $30K

2023-10-20 04:00:21

Bitcoin price is attempting a fresh increase above $28,500. BTC is eyeing another upside break toward the $30,000 resistance in the near term.

Bitcoin found support near $28,150 and started a fresh increase.
The price is trading above $28,500 and the 100 hourly Simple moving average.
There is a key rising channel forming with resistance near $29,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if there is a close above the $29,000 resistance.

Bitcoin Price Eyes Upside Break

Bitcoin price struggled below the $29,000 level. BTC even traded below the $28,250 level before the bulls appeared. The price found support near the $28,150 zone and recently started a fresh increase.

There was a move above the $28,400 and $28,500 resistance levels. The price cleared the 61.8% Fib retracement level of the downward move from the $28,980 swing high to the $28,150 low. There is also a key rising channel forming with resistance near $29,000 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $28,500 and the 100 hourly Simple moving average. It is slowly gaining pace and consolidating near the 76.4% Fib retracement level of the downward move from the $28,980 swing high to the $28,150 low.

Source: BTCUSD on TradingView.com

On the upside, immediate resistance is near the $28,950 level. The next key resistance could be near $29,000 and the channel region. A close above the $29,000 resistance zone could set the pace for a larger increase. The next key resistance could be $29,500. Any more gains might send BTC toward the $30,000 level, above which the bulls might aim for $31,200.

Another Decline In BTC?

If Bitcoin fails to rise above the $29,000 resistance zone, it could start another decline. Immediate support on the downside is near the $28,650 level.

The next major support is near the $28,350 level and the 100 hourly Simple moving average. The main support is now forming near $28,150. A downside break and close below the $28,150 support might trigger more losses in the near term. The next support sits at $27,650, below which it could test $28,120.

Technical indicators:

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

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

Major Support Levels – $28,650, followed by $28,150.

Major Resistance Levels – $28,950, $29,000, and $30,000.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.