{"id":22622,"date":"2023-04-26T02:52:54","date_gmt":"2023-04-26T06:52:54","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=22622"},"modified":"2023-04-26T02:52:54","modified_gmt":"2023-04-26T06:52:54","slug":"bitcoin-price-signals-fresh-increase-but-29k-is-the-key-to-more-gains","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/04\/26\/bitcoin-price-signals-fresh-increase-but-29k-is-the-key-to-more-gains\/","title":{"rendered":"Bitcoin Price Signals Fresh Increase But $29K Is The Key To More Gains"},"content":{"rendered":"

Bitcoin price is correcting higher from the $27,000 support. BTC must clear $29,000 to continue higher in the near term.<\/em><\/p>\n

Bitcoin formed a base and corrected higher above the $27,500 resistance.
\nThe price is trading above $27,800 and the 100 hourly Simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $27,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if it clears the $28,400 and $29,000 resistance levels.<\/p>\n

Bitcoin Price Eyes Fresh Increase<\/h2>\n

Bitcoin price extended its decline below the $27,500 level<\/a>. However, BTC remained well-bid above the $27,000 zone. A low was formed near $26,969 before the price started an upside correction.<\/p>\n

The price was able to climb above the $27,500 resistance. Besides, there was a break above a connecting bearish trend line with resistance near $27,600 on the hourly chart of the BTC\/USD pair. It is now trading above $27,800 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Bitcoin price is now facing resistance near the $28,400 level. A high is formed near $28,407 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent increase from the $26,969 low to the $28,407 high.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

Immediate resistance is near the $28,400 level. The next major resistance sits near the $29,000 zone. A close above the $29,000 resistance could start a decent increase. In the stated case, the price may perhaps rise toward the $29,800 resistance zone. Any more gains could open the doors for a test of $30,000.<\/p>\n

Fresh Decline in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,400 resistance, it could react to the downside. Immediate support on the downside is near the $28,000 level.<\/p>\n

The next major support is near the $27,800 zone or the 50% Fib retracement level of the recent increase from the $26,969 low to the $28,407 high. A downside break and close below the $27,680 support might push the price toward the $27,500 support. Any more losses might take Bitcoin toward $27,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $28,000, followed by $27,680.<\/p>\n

Major Resistance Levels \u2013 $28,400, $29,000, and $30,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is correcting higher from the $27,000 support. BTC must clear $29,000 to continue higher in the near term.<\/em><\/p>\n

Bitcoin formed a base and corrected higher above the $27,500 resistance.
\nThe price is trading above $27,800 and the 100 hourly Simple moving average.
\nThere was a break above a connecting bearish trend line with resistance near $27,600 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to rise if it clears the $28,400 and $29,000 resistance levels.<\/p>\n

Bitcoin Price Eyes Fresh Increase<\/h2>\n

Bitcoin price extended its decline below the $27,500 level<\/a>. However, BTC remained well-bid above the $27,000 zone. A low was formed near $26,969 before the price started an upside correction.<\/p>\n

The price was able to climb above the $27,500 resistance. Besides, there was a break above a connecting bearish trend line with resistance near $27,600 on the hourly chart of the BTC\/USD pair. It is now trading above $27,800 and the 100 hourly Simple moving average<\/a>.<\/p>\n

Bitcoin price is now facing resistance near the $28,400 level. A high is formed near $28,407 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the recent increase from the $26,969 low to the $28,407 high.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

Immediate resistance is near the $28,400 level. The next major resistance sits near the $29,000 zone. A close above the $29,000 resistance could start a decent increase. In the stated case, the price may perhaps rise toward the $29,800 resistance zone. Any more gains could open the doors for a test of $30,000.<\/p>\n

Fresh Decline in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,400 resistance, it could react to the downside. Immediate support on the downside is near the $28,000 level.<\/p>\n

The next major support is near the $27,800 zone or the 50% Fib retracement level of the recent increase from the $26,969 low to the $28,407 high. A downside break and close below the $27,680 support might push the price toward the $27,500 support. Any more losses might take Bitcoin toward $27,000.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $28,000, followed by $27,680.<\/p>\n

Major Resistance Levels \u2013 $28,400, $29,000, and $30,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-22622","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/22622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=22622"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/22622\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=22622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=22622"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=22622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}