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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Watch: BTC/USD Primed for Gains 2018-05-31

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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Key Points

  • Bitcoin price corrected lower recently and found support near the $7,250 level against the US Dollar.
  • There is a major bullish trend line forming with support at $7,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair looks set for more gains in the near term if it succeeds in breaking the $7,640 resistance.

Bitcoin price is moving nicely above $7,400 against the US Dollar. BTC/USD must clear the $7,600 and $7,640 resistances for an upside acceleration.

Bitcoin Price Analysis

After trading above the $7,500 level, bitcoin price faced sellers near the $7,550 level against the US Dollar. The BTC/USD pair started a downside correction and traded below the $7,400 and $7,350 levels. It also declined below the 23.6% Fib retracement level of the last wave from the $7,050 low to $7,550 high. However, the downside move was protected by the $7,250 support and the 100 hourly simple moving average.

A fresh upside wave was initiated and the price jumped back above the $7,400 level. It also cleared the 76.4% Fib retracement level of the last drop from the $7,565 high to $7,262 low. It seems like the price may continue to move higher and it could accelerate above the $7,600 level. It has to break the 1.236 Fib extension level of the last drop from the $7,565 high to $7,262 low at $7,640 for more gains. On the downside, there is a major bullish trend line forming with support at $7,400 on the hourly chart of the BTC/USD pair.

Bitcoin Price Analysis BTC USD

Looking at the chart, the price is clearly in a bullish zone above $7,400. A successful break and close above the $7,640 resistance may perhaps call for a push towards the $7,800 level.

Looking at the technical indicators:              

Hourly MACD – The MACD for BTC/USD is moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is heading higher into the overbought levels.

Major Support Level – $7,400

Major Resistance Level – $7,640

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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.

Read more

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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Comments 1

  1. michaelpalmeter says:
    7 years ago

    How did you calculate that resistance is at $7,640?

    Reply

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Comments 1

  1. michaelpalmeter says:
    7 years ago

    How did you calculate that resistance is at $7,640?

    Reply

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Your email address will not be published. Required fields are marked *

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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

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Ad discliamer

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