Bitcoin Price Could Restart Increase But Can Bulls Send BTC To $30K?

2023-10-9 06:20

Bitcoin price is eyeing a fresh increase toward the $28,500 resistance. BTC could start a strong increase if it clears the $28,500 resistance zone.

Bitcoin is holding gains and showing positive signs above the $27,450 zone. The price is trading above $27,800 and the 100 hourly Simple moving average. There is a short-term declining channel forming with resistance near $27,980 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could soon revisit the $28,500 resistance zone in the near term. Bitcoin Price Aims Higher

Bitcoin price started a downside correction after it failed to clear the $28,500 resistance zone. BTC declined below the $28,000 level and tested the $27,200 support zone.

The recent low was formed near $27,185 and the price is again rising. There was a move above the $27,400 and $27,500 resistance levels. A high is formed near $28,284 and the price is now consolidating gains below the 23.6% Fib retracement level of the recent increase from the $27,185 swing low to the $28,284 high.

Bitcoin is now trading above $27,800 and the 100 hourly Simple moving average. The price is now testing the $28,000 resistance zone. There is also a short-term declining channel forming with resistance near $27,980 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance on the upside is near the $28,000 level. The next key resistance could be near the $28,500 level. A close above the $28,500 resistance could start another increase. In the stated case, the price could rise toward the $29,200 resistance. Any more gains might call for a move toward the $30,000 level.

Another Rejection In BTC?

If Bitcoin fails to continue higher above the $28,000 resistance, there could be a fresh decline. Immediate support on the downside is near the $27,800 level and the 100 hourly Simple moving average.

The next major support is near the $27,4500 level. The main support is now forming near the $27,200 level. A downside break and close below the $27,200 level might push the price further lower toward $26,650 in the near term. The next support sits at $26,200.

Technical indicators:

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

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

Major Support Levels – $27,800, followed by $27,200.

Major Resistance Levels – $28,000, $28,500, and $29,200.

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