Bitcoin Price is About to See “Liftoff” if It’s Able to Hold One Crucial Level

Bitcoin Price is About to See “Liftoff” if It’s Able to Hold One Crucial Level

Bitcoin price is consolidating above the $28,000 support. BTC could gain bullish momentum if it clears the $28,550 resistance zone.

Bitcoin started a consolidation phase below the $28,500 level.
The price is trading above $27,800 and the 100 hourly Simple moving average.
There is a short-term contracting triangle forming with resistance near $28,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if there is a clear move above the $28,550 resistance.

Bitcoin Price Aims Fresh Increase

Bitcoin price retreated and trimmed gains from the $30,000 resistance zone. BTC traded below the $29,200 and $28,800 levels to move back into a short-term negative zone.

However, the bulls were active near the $28,000 zone. A low was formed near $28,100 and the price started a consolidation phase. There was a move above the $28,250 level. The price tested the 23.6% Fib retracement level of the downward move from the $30,000 swing high to the $28,100 low.

Bitcoin price is now trading above $28,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $28,550 level. There is also a short-term contracting triangle forming with resistance near $28,500 on the hourly chart of the BTC/USD pair.

The next key resistance could be near $29,000 or the 50% Fib retracement level of the downward move from the $30,000 swing high to the $28,100 low. A clear move above the $29,000 resistance zone could set the pace for a larger increase. The next key resistance could be $29,500.

Source: BTCUSD on TradingView.com

If the bulls remain in action, the next stop above $29,500 could be $30,000. Any more gains might send BTC toward the $30,650 level.

More Losses In BTC?

If Bitcoin fails to rise above the $28,550 resistance zone, it could slide further. Immediate support on the downside is near the $28,350 level and the triangle region.

The next major support is near the $28,000 level. A downside break and close below the $28,000 support might send the price further lower. The next support sits at $27,600 and the 100 hourly Simple moving average.

Technical indicators:

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

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

Major Support Levels – $28,350, followed by $28,000.

Major Resistance Levels – $28,550, $29,000, and $29,500.