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Breaking News: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point
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Breaking News: Bitcoin To Bottom Out In 300 Days: Top Expert Forecasts $38,000 To $50,000 Price Point

Bitcoin Price Watch: BTC’s Correction Could Extend To $3,500

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:32 pm
2 mins read
technical analysis bitcoin

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Key Points

  • Bitcoin price struggled to gain pace above the $4,240 level and declined recently against the US Dollar.
  • There was a break below a major bullish trend line with support at $4,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently trading below the $3,850 support and it could decline further towards $3,500.

Bitcoin price started a downside correction below $4,000 against the US Dollar. BTC might continue to move down towards the $3,600 or $3,500 support level.

Bitcoin Price Analysis

Yesterday, bitcoin traded close to the $4,250 level against the US Dollar. The BTC/USD pair struggled to clear the $4,240 level and later started a sharp downside correction. It broke the $4,000 support and the 100 hourly simple moving average. Sellers gained pace and pushed the price below the 61.8% Fib retracement level of the last wave from the $3,788 low to $4,240 high.

More importantly, there was a break below a major bullish trend line with support at $4,020 on the hourly chart of the BTC/USD pair. The pair even broke the $3,788 low and moved into a short term bearish zone. If there are more declines, the price could test the $3,620 support. Below $3,620, the next stop for sellers could be near the $3,500 level. It coincides with the 1.618 Fib extension level of the last wave from the $3,788 low to $4,240 high. On the other hand, if there is an upside correction, the price is likely to struggle near the $3,850 and $3,980 resistance levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price clearly failed near the $4,240 level. BTC price could extend declines below $3,600, but it must stay above $3,500 to start a fresh upward move. If not, it could decline towards the $3,200 support.

Looking at the technical indicators:

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

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

Major Support Level – $3,500

Major Resistance Level – $4,000

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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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Created by industry experts and meticulously reviewed
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