Bitcoin price analysis today May 28
Let's refer to today's bitcoin price analysis on May 28 to make the right decisions with this upcoming asset!
Bitcoin price rises above $70,000. BTC is currently holding gains above support and could be headed for another gain in the near term.
- Bitcoin extended its gains above the $70,000 region.
- The price is trading above $69,000 and the 100 SMA.
- There was a break above the main downtrend line with resistance at $69,000.
- BTC could start another increase unless there is a move below the $68,500 support.
Bitcoin price holds support
Bitcoin price started another rally from the $68,000 support level. BTC cleared the $69,000 resistance to move further into positive territory. There was a break above the key downtrend line with resistance at $69,000.
The pair even climbed above the $70,000 resistance area. A high was formed at $70,600 and the price recently corrected lower. There was a move below the $70,000 level. The price fell below the 50% Fib retracement level of the upward move from $67,971 to $70,600.
However, the bulls are currently operating near the same trendline. They are defending the 61.8% Fib retracement level of the upward move from $67,971 to $70,600.
Bitcoin price is currently trading above $69,000 and the 100 SMA . If there is a fresh increase, the price could encounter resistance near the $70,000 level. The first major resistance level could be at $70,600. The next key resistance could be at $71,200.
Source: TradingView
A clear move above the $71,200 resistance could send prices higher. In the said case, the price could rise and test the resistance at $72,000. Any further gains could send BTC towards the $73,200 resistance level.
In case BTC drops sharply
If Bitcoin fails to rise above the $70,600 resistance area, it could start a correction. Immediate support on the downside is near the $69,000 level.
The first major support is at $68,500. The next support is now forming near $68,000. Any further losses could push the price towards the $66,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is currently losing speed in the bullish zone.
Hourly RSI – The RSI for BTC/USD is currently near the 50 level.
Key support levels – $69,000, followed by $68,500.
Key resistance levels – $70,000 and $70,600.
According to NewsBTC
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