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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Watch: BTC/USD Forms Double Bottom Near $6,360

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

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Key Points

  • Bitcoin price declined recently and tested the $6,350-60 support area against the US Dollar.
  • There is a major bearish trend line formed with resistance at $6,410 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely forming a double bottom pattern near the $6,350-60 support area.

Bitcoin price bounced back sharply from $6,360 against the US Dollar. BTC/USD could accelerate higher once there is a break above the $6,410 resistance.

Bitcoin Price Analysis

Yesterday, there was a downside reaction from the $6,460 level in bitcoin price against the US Dollar. The BTC/USD pair fell below the $6,400 and $6,410 support levels. There was also a close below the $6,400 support and the 100 hourly simple moving average. The decline was such that the price retested the $6,350-60 support area. There was a strong buying interest emerged near $6,360, resulting in a fresh upward move.

The price bounced back sharply and moved above the $6,390 level. There was also a break above the 23.6% Fib retracement level of the recent decline from the $6,465 high to $6,355 low. The current price action indicates that BTC is likely forming a double bottom pattern near the $6,350-60 support area. On the upside, there is a major bearish trend line formed with resistance at $6,410 on the hourly chart of the BTC/USD pair. The same trend line is near the 100 hourly SMA and the 50% Fib retracement level of the recent decline from the $6,465 high to $6,355 low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price will most likely accelerate gains once there is a proper close above $6,410 and the 100 hourly SMA. Moreover, if the double bottom pattern is valid, the price could even break the $6,465 high to trade further higher.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone.

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

Major Support Level – $6,360

Major Resistance Level – $6,410

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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
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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