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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week
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Breaking News: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week

Bitcoin Technical Analysis – BTC/USD Bull Run is Here to Stay

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 7:42 am
2 mins read
Bitcoin Price Technical Analysis BTC USD

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Key Points

  • Bitcoin price rocketed higher recently and moved to a new all-time high at $6456 against the US Dollar.
  • There is an ascending channel forming with current support at $6250 on the hourly chart of the BTC/USD pair (data feed from SimpleFX).
  • The pair might dip a few points from the current levels, but remains supported near $6300-6250.

Bitcoin price is super bullish above $6200 against the US Dollar. BTC/USD might continue to trade higher and it could even break $6500.

Bitcoin Price Upside Move

The past few days were excellent for bitcoin price as it remained above $6000 against the US Dollar. We even discussed about the recent bullish run above $6000 in the weekly analysis. The price gained pace recently and even managed to move above the $6400 level. A new all-time high was formed at $6456 where sellers appeared and defended further gains.

At the moment, the price is correcting lower and trading near the 23.6% Fib retracement level of the last wave from the $6085 low to $6456 high. It seems like there is an ascending channel forming with current support at $6250 on the hourly chart of the BTC/USD pair. An immediate support is at $6300. Below the mentioned $6300, the 50% Fib retracement level of the last wave from the $6085 low to $6456 high is likely to act as a support at $6270.

Bitcoin Price Technical Analysis BTC USD

Any dips from the current levels remain supported above $6270-6250. On the upside, the channel resistance is near $6460. A close above the mentioned $6460 level would ignite an upside move towards $6500 or even $6600 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD is placed well in the bullish zone and showing positive signs.

Hourly RSI (Relative Strength Index) – The RSI is correcting lower towards the 50 level, but remains in the bullish zone.

Major Support Level – $6270

Major Resistance Level – $6450

 

Charts courtesy – SimpleFX

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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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