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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Watch: BTC/USD Turned Short Term Bullish

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

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price climbed higher and broke the $4,080 and $4,200 resistance levels against the US Dollar.
  • There is a short term bullish trend line formed with support at $4,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently trading nicely above the previous resistance (now support) at $4,080.

Bitcoin price made a few nice bullish moves above $4,000 against the US Dollar. BTC/USD must stay above the $4,050 and $4,000 supports to resume its upward move.

Bitcoin Price Analysis

Yesterday, we saw a decent rise in bitcoin price above the $3,800 and $4,000 resistances against the US Dollar. The BTC/USD pair tested the $4,080 and later corrected lower. Finally, there was a fresh upward move and the price broke the $4,080 resistance. The price climbed further higher and traded above the $4,200 and $4,260 levels. A new intraday high was formed at $4,400 and the price settled above the 100 hourly simple moving average.

Later, the price corrected lower and traded below the $4,200 level. There was a break below the 23.6% Fib retracement level of the last wave from the $3,563 low to $4,400 high. However, there are decent supports formed near the $4,080 and $4,050 levels. There is also a short term bullish trend line formed with support at $4,050 on the hourly chart of the BTC/USD pair. Below the trend line, the next support is at 50% Fib retracement level of the last wave from the $3,563 low to $4,400 high.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price remains well supported above the $4,000 handle. As long as the price is above the 100 hourly SMA, there could be more gains above the $4,260 and $4,400 levels. On the downside, the main supports are at $4,080, $4,050 and $3,880.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently just above the 55 level.

Major Support Level – $4,050

Major Resistance Level – $4,400

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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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