Key Takeaways:
- Bitcoin price is up over 25%, trading near the $28,000 zone.
- BTC/USD broke a major connecting trend line with resistance at $26,650 on the daily chart.
- The bulls seem to be moving toward the next major resistance at $30,000.
Bitcoin Price Breaks Key Resistance
The Bitcoin price steadily rose above the $24,000 resistance zone in the past few days. The BTC/USD pair broke many hurdles near the $25,000 zone to move further into a bullish zone.
The pair broke the $26,500 resistance zone and settled well above the 50-day simple moving average (blue). The increase cleared a major connecting trend line with resistance at $26,650 on the daily chart.
The price gained over 25% in the past few days, outperforming all altcoins, including Ethereum. Recently, the price spiked above the $28,200 resistance zone.
A high is formed near $28,439, and the price consolidates again. The current price action suggests no signs of stopping the uptrend. On the upside, immediate resistance is near the $28,200 level. The next key resistance is still near the $28,400 level.
If there is a clear move above the $28,400 level, the price could rise toward the $29,500 resistance really soon. Any more gains might push the price toward the $30,000 resistance zone. In the stated case, there are chances of a run toward the $32,000 level.
Dips Supported?
If there is no upside break above $28,200, the price start a downside correction. Initial support is forming near the broken trend line and $27,000.
The first major support is near the $26,350 level. It is near the 23.6% Fib retracement level of the recent rally from the $19,592 swing low to the $28,439 high. The next major support is near $25,150, below which the price might decline.
The main support is now forming near the $24,000 level or the 50% Fib retracement level of the recent rally from the $19,592 swing low to the $28,439 high, below which the price could gain bearish momentum. In the stated case, the price may perhaps test the $22,800 support.
Overall, the Bitcoin price shows many bullish signs above the $27,000 level. However, BTC could easily drift toward the $30,000 level if a clear move above $28,200. Conversely, the price may start a downside correction toward the $24,000 support.
The post Bitcoin Bulls Aim Big After Recent Surge Above $28K — Bull Trap or Continuation? appeared first on CoinChapter.
