Trade Analysis: Bitcoin Regain Power, Why BTC Should Recover $28K

Spread the love

Bitcoin’s price began with a downside correction of $28,360 against the US Dollar. BTC remained well bidd above $26K, and is likely to resume higher at $28K.

Bitcoin shows a lot of positive signs above the $26,000 support zone.
The stock currently stands above the $26,500 support and the 100-hour simple moving average.
There was a break above the main contract triangle with a resistance of nearly $26,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher at $28,000 and $28,400 resistance levels.

Bitcoin Price is Showing Bullish Signs

In the last few days, there has been a sharp rise in the price of Bitcoin above the $25,000 resistance. BTC also climbed above the $26,500 and $27,000 resistance levels. At the end of the day, the price rose above the $28,000 mark and settled well above the 100-hour simple moving average.

A new all-time high was established around $28,360 before the market began to correct the downside. It traded significantly below the level of $27,000. There was also a break below the 50 percent Fib retracement stage of the upward change from the $24,532 low to $28,361 high swing.

RECOMMENDED READ:  Ethereum Price Movement Analysis for 27th February 2021

Bitcoin Price

Source: BTCUSD on TradingView.com

However, the bulls were active at about $26,000 in funding. The 61.8 percent Fib retracement of the upward change from $24,532 low to $28,361 high also served as a good support.

Bitcoin’s price began a fresh rise over $26,500 in resistance. There was also a split over the big contract triangle with a resistance of nearly $26,800 on the hourly chart of the BTC/USD pair. The pair is now trading around $27,000.

The initial resistance on the upside is close to the $27,275 mark. A strong break beyond the $27,275 resistance could open the doors for a fresh run to the $28,000 and $28,400 levels in the near term.

Fresh Drip in BTC?

If bitcoin fails to clear the $27,275 resistance mark, it could correct lower. The initial downside support is close to the $26,800 region and the broken triangle trend line.

The first big help is close to the $26,500 mark. The key support is still close to the $26,000 mark, below which there is a chance of a sustained downward trend in the coming sessions.

RECOMMENDED READ:  Will the CME’s ETH Futures offerings lift altcoin’s stock?

Technical indicators are as follows:

Hourly MACD – The MACD is gaining momentum in the bull zone.

RSI Hourly (Relative Strength Index) – RSI for BTC/USD is currently well above 50.

Major Help Levels—$26,500, followed by $26,000.

Major Resistance Levels—$27,275,$28,000 and$28,400.

 202 Interactions,  4 today

READ ALSO:
BAT, Dash, Monero Price Movement Analysis for 2nd March 2021

BAT's on-chain indicators supported a positive result, but a crucial challenge awaited the bulls with a $0.59 resistance. Dash moved Read more

Yellen’s criticism of Bitcoin dismissed by Miami Mayor

Miami and Mayor Francis Suarez have worked over the last few weeks and months to position the city as the Read more

Bitcoin ‘brings something markedly different to portfolios:’ Ruffer

Although it's been a strong few months for Bitcoin and the cryptocurrency industry, the asset class continues to surf the Read more

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

%d bloggers like this: