Bitcoin price seems poised for another leg higher than $28.5K

Bitcoin price is attempting an upside break above the $28,500 resistance zone. BTC could rally if there is a close above the $28,500 resistance zone.

• Bitcoin is gaining pace above the $28,000 resistance.
• 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 $27,780 on the hourly chart of the BTC/USD pair (data feed by Kraken).
• The pair could gain bullish momentum if there is a close above the $28,500 resistance.

Bitcoin price sees more gains

Bitcoin price made another attempt to clear the $28,500 resistance zone. However, BTC struggled to gather pace for a close above the $28,500 resistance zone.

As a result, there was a downside correction below the $28,000 level. The price broke below the 50% Fib retracement level of the bullish move from the $23,912 swing low to the $28,591 high. It tested the key $27,400 support zone and the 100 hourly simple moving average.

The bulls protected the 61.8% Fib retracement level of the upside move from the $23,912 low to the $28,591 high. There is also a key bullish trend line forming with support near $27,780 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $27,500 and the 100 hourly simple moving average. On the upside, there is an immediate resistance near $28,400.

Source: BTCUSD on TradingView.com

The next major resistance is near the $28,500 zone or the recent high. A close above the $28,500 resistance could trigger another major rise. In the mentioned case, the price might surge towards the $29,200 level. Further gains could send the price towards the $30,000 resistance zone.

Dips Limited to BTC?

If bitcoin price fails to clear the $28,500 resistance, it might start a downside correction. Immediate support on the downside is near the $27,780 zone, the 100 hourly simple moving average and the trend line.

The next major support is near the $27,000 zone. Further losses could send the price towards the $26,200 support zone. The next major support is near $25,700.

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 – $27,780 followed by $27,000.

Major resistance levels – $28,400, $28,500 and $30,000.

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