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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

Bitcoin Price Watch: Buy Dips In BTC/USD Near $6,400

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 declined towards the $6,350 support and later recovered sharply against the US Dollar.
  • There was a break above two bearish trend lines formed with resistance at $6,410 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price tagged the $6,450-60 resistance and it is currently correcting lower.

Bitcoin price recovered higher towards the range high at $6,460 against the US Dollar. BTC/USD remains supported on dips near the $6,410 and $6,400 supports.

Bitcoin Price Analysis

There was a downside extension below the $6,400 and $6,390 levels in bitcoin price against the US Dollar. The BTC/USD pair declined towards the $6,350 support area and formed a low at $6,357. Later, the price bounced back sharply and broke the $6,400 resistance area. There was even a close above the $6,400 resistance and the 100 hourly simple moving average.

The upside move was strong as the price surpassed the $6,420 swing high as well. More importantly, there was a break above two bearish trend lines formed with resistance at $6,410 on the hourly chart of the BTC/USD pair. The pair traded towards the $6,450-60 zone, which is the range resistance. A high was formed at $6,466 and later the price corrected lower. It moved below the 23.6% Fib retracement level of the last wave from the $6,357 low to $6,466 high. However, there is a decent support formed near $6,400 and the 100 hourly. Moreover, the 50% Fib retracement level of the last wave from the $6,357 low to $6,466 high is also near $6,410.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price could dip a few points, but the $6,400-10 support area could protect losses. On the upside, the price has to move above the $6,450-60 range resistance to climb further higher.

Looking at the technical indicators:

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

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

Major Support Level – $6,400

Major Resistance Level – $6,460

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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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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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