On a Christmas day, Bitcoin (BTC) bulls broke the $24,000 resistance and on a boxing day crushed the $25,000 high.
Previously, on September 24, Bitcoin’s upside momentum commenced after breaking the $10,000 psychological price level. Now on December 27-28, Bitcoin has rallied above $26,000 and tested the $28000 high. A long candlestick wick was pointing upward on December 27 which indicated a bearish reaction.
It indicated a strong selling pressure at the $28,000 resistance zone. The crypto has fallen to the support above $26,200. Presently, the BTC price is fluctuating between $26,200 and $28,000.
Nonetheless, if the current support holds, the coin will undergo at least three days of correction before breaking the current resistance. Bitcoin is trading at $26,572 at the time of writing. The next target price of Bitcoin is the $30,000 high.
Bitcoin is at level 76 of the Relative Strength Index period 14. It indicates that Bitcoin has no more room to rally on the upside. Besides, the coin is below the 80% range of the daily Stochastic. This indicates that the coin has bearish momentum.
Key Resistance Zones: $28,000, $29,000, $30,000
Key Support Zones: $15,000, $14,000, $13,000
Following the recent breakout, the Fibonacci tool has indicated an upward movement of the coin. On December 21 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that BTC price is likely to rise to level 1.618 Fibonacci extension level. That is a high of $31,550.80.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.