If a successful move is made over the $28,150 resistance, the price of bitcoin, which is now consolidating above the $27,000 support, may begin a new uptrend. In the hourly chart of the BTC/USD pair, a significant bullish trend line is forming, with support located close to $27,500. (data feed from Kraken). The price is now above the 50% Fibonacci retracement level of the decline from the swing high of $28,798 to the low of $27,007, and it may now continue higher toward the $29,500 resistance area.
Bitcoin Price Extends Consolidation and Might Soon Gear For Fresh Lift-off
