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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Analysis For 03/28/2016 – Looking To Buy BTC?

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
thinking of buying bitcoin. newsbtc bitcoin price news

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Key Points

  • Bitcoin price surged higher during the past session against the US Dollar and broke a major resistance area.
  • There is a major bullish trend line formed on the hourly chart (data feed from Bitstamp), which can act as a buy zone for the bulls moving ahead.
  • If the price corrects from the current levels or moves down, then one may consider buying near the $420-415 support area.

Bitcoin price is showing a lot of positive signs. If the current break in BTC/USD is not false, then more upsides are possible in the short term.

Bitcoin Price Sighting Gains?

Bitcoin price finally managed to pop higher, and the biggest positive was the fact that BTC/USD moved above a major resistance area of $420. Once the price broke the stated level, there was a spike towards $427, which clearly shows how important was the resistance zone. The price is currently correcting and moving down, but the bears have to be careful if they are planning to sell BTC versus the USD.

There is a crucial bullish trend line formed on the hourly chart (data feed from Bitstamp), which may act as an important support area and also a buy zone. The bulls may consider buying near $420-415 area as long as the price is above the trend line and support area. The stop should be an hourly close below the trend line support.

Bitcoin Price Technical Analysis

Moreover, the 50% Fib retracement level of the last wave of the $412 low to $427 high might also act as a major support area for the bulls, which is just above the highlighted trend line.

Looking at the technical indicators:

Hourly MACD – The hourly MACD is in the bearish slope, calling for a minor correction as shown the chart.

RSI (Relative Strength Index) – The RSI is above the 50 levels, suggesting the bulls are in control.

Intraday Support Level – $415

Intraday Resistance Level – $425

 

Charts from Bitstamp; hosted by Trading View

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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