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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Price Watch: BTC/USD Primed for More Gains

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Points

  • Bitcoin price is placed well above the $6,440 support level against the US Dollar.
  • There is a crucial bullish trend line formed with support at $6,540 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to break the $6,625 and $6,665 resistance levels to trade further higher.

Bitcoin price is trading above key supports against the US Dollar. BTC/USD needs to clear the $6,665 resistance to revisit $6,800 and $6,850.

Bitcoin Price Analysis

There was a sharp downside correction from the $6,794 high in bitcoin price against the US Dollar. The BTC/USD pair traded below the $6,600 support level, but declines were protected well above $6,400. A low was formed at $6,451 and it seems like there is a strong support formed near $6,440. Later, the price recovered above the $6,500 level and the 23.6% Fib retracement level of the downward move from the $6,794 high to $6,451 low.

BTC price traded above the 100 hourly simple moving average, but the upside move was protected by the $6,625-6,640 zone. Moreover, the 50% Fib retracement level of the downward move from the $6,794 high to $6,451 low is acting as a hurdle for buyers. Besides, there is a short-term connecting bearish trend line in place with resistance near $6,625 on the hourly chart of the BTC/USD pair. A break above the trend line could push the price towards the $6,665 resistance. It represents the 61.8% Fib retracement level of the downward move and a pivot level. If buyers push the price above $6,665, bitcoin will most likely surge towards the $6,800 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading nicely above a crucial bullish trend line formed with support at $6,540 on the same chart. As long as the price is above $6,540 and $6,440, it may perhaps trade towards $6,800.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is currently flat in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is just above the 50 level.

Major Support Level – $6,440

Major Resistance Level – $6,665

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

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