Bitcoin Price Watch: BTC Could Correct Lower Before Fresh Upside

Aayush Jindal

Last Updated: June 11, 2024 1:32 pm

2 mins read

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Key Points

Bitcoin price traded above the $3,900 resistance and later corrected lower against the US Dollar.
There is a short term contracting triangle formed with support at $3,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price could extend the current correction towards the $3,580 support before a fresh upward move.

Bitcoin price traded further above $3,900 before correcting lower against the US Dollar. BTC might test the $3,580 support where buyers are likely to emerge.

Bitcoin Price Analysis

Yesterday, we discussed the chances of an upward move towards $4,000 in bitcoin price against the US Dollar. The BTC/USD pair did move higher and broke the $3,750, $3,800 and $3,900 resistance levels. However, there was no complete test of the $4,000 resistance and a high was formed at $3,922. Later, there was a downside correction and the price declined below $3,900 and $3,800. There was also a break below the 23.6% Fib retracement level of the recent wave from the $3,442 low to $3,922 high.

However, the decline was protected by the $3,650 level. Besides, the 50% Fib retracement level of the recent wave from the $3,442 low to $3,922 high is also protecting losses. More importantly, there is a short term contracting triangle formed with support at $3,680 on the hourly chart of the BTC/USD pair. Therefore, it seems like the price is approaching the next break either above $3,750 or below $3,680. If there is a downside break, the price may extend correction towards the key $3,580 support. On the other hand, a break above $3,750 and $3,800 might start a fresh upward move.

Looking at the chart, bitcoin price could extend the current correction towards $3,580, which is a major support. As long as there is no break below $3,580, the price is likely to climb higher again.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD moved into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI recently moved below the 50 level.

Major Support Level – $3,600

Major Resistance Level – $3,800

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.

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.
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