{"id":24706,"date":"2023-05-29T02:53:57","date_gmt":"2023-05-29T06:53:57","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=24706"},"modified":"2023-05-29T02:53:57","modified_gmt":"2023-05-29T06:53:57","slug":"bitcoin-price-prints-bullish-technical-pattern-why-close-above-28500-is-critical","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/05\/29\/bitcoin-price-prints-bullish-technical-pattern-why-close-above-28500-is-critical\/","title":{"rendered":"Bitcoin Price Prints Bullish Technical Pattern, Why Close Above $28,500 Is Critical"},"content":{"rendered":"

Bitcoin price is up 4% and trading above $28,000. BTC must clear the $28,500 resistance zone to continue higher in the near term.<\/em><\/p>\n

Bitcoin is gaining pace above the $27,500 and $27,800 resistance levels.
\nThe price is trading above $28,000 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $27,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower but the bulls might be active near $27,700 and $27,500.<\/p>\n

Bitcoin Price Recovers Over 4%<\/h2>\n

Bitcoin price managed to stay above the $26,000 support zone<\/a>. BTC formed a base and started a recovery wave above the $27,000 resistance.<\/p>\n

There was a steady increase once the price cleared the $27,500 resistance zone. It is up over 4% and there was a break above the $28,000 resistance. A high is formed near $28,450 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $27,143 swing low to the $28,450 high.<\/p>\n

Bitcoin price is now trading above $28,000 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $27,700 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $28,320 level. The next major resistance is near the $28,500 level. A close above the $28,500 resistance zone might send the price toward the $29,200 resistance zone.<\/p>\n\n

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

The next key resistance is near $29,500, above which the price might rise toward the $30,000 resistance. Any more gains might send the price toward the $31,200 resistance level.<\/p>\n

Are Dips Limited in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,500 resistance, it could start a downside correction. Immediate support on the downside is near the $28,000 level.<\/p>\n

The next major support is near the $27,700 zone or the 50% Fib retracement level of the upward move from the $27,143 swing low to the $28,450 high, below which the price might test the $27,500 support. Any more losses might take Bitcoin toward the $27,200 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is in the overbought zone.<\/p>\n

Major Support Levels \u2013 $28,000, followed by $27,700.<\/p>\n

Major Resistance Levels \u2013 $28,320, $28,500, and $29,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is up 4% and trading above $28,000. BTC must clear the $28,500 resistance zone to continue higher in the near term.<\/em><\/p>\n

Bitcoin is gaining pace above the $27,500 and $27,800 resistance levels.
\nThe price is trading above $28,000 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $27,700 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could correct lower but the bulls might be active near $27,700 and $27,500.<\/p>\n

Bitcoin Price Recovers Over 4%<\/h2>\n

Bitcoin price managed to stay above the $26,000 support zone<\/a>. BTC formed a base and started a recovery wave above the $27,000 resistance.<\/p>\n

There was a steady increase once the price cleared the $27,500 resistance zone. It is up over 4% and there was a break above the $28,000 resistance. A high is formed near $28,450 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $27,143 swing low to the $28,450 high.<\/p>\n

Bitcoin price is now trading above $28,000 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $27,700 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance on the upside is near the $28,320 level. The next major resistance is near the $28,500 level. A close above the $28,500 resistance zone might send the price toward the $29,200 resistance zone.<\/p>\n

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

The next key resistance is near $29,500, above which the price might rise toward the $30,000 resistance. Any more gains might send the price toward the $31,200 resistance level.<\/p>\n

Are Dips Limited in BTC?<\/h2>\n

If Bitcoin\u2019s price fails to clear the $28,500 resistance, it could start a downside correction. Immediate support on the downside is near the $28,000 level.<\/p>\n

The next major support is near the $27,700 zone or the 50% Fib retracement level of the upward move from the $27,143 swing low to the $28,450 high, below which the price might test the $27,500 support. Any more losses might take Bitcoin toward the $27,200 level in the near term.<\/p>\n

Technical indicators:<\/p>\n

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

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is in the overbought zone.<\/p>\n

Major Support Levels \u2013 $28,000, followed by $27,700.<\/p>\n

Major Resistance Levels \u2013 $28,320, $28,500, and $29,200.<\/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-24706","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\/24706","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=24706"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/24706\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=24706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=24706"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=24706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}