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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Watch: BTC Could Extend Decline To $3.2K-3.0K

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

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  • Bitcoin price failed to stay above the $3,520 and $3,480 support levels against the US Dollar.
  • There is a strong resistance formed near $3,500 and a bearish trend line on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price tested the $3,400 support and it remains at a risk of more losses towards $3,200 or $3,000.

Bitcoin price moved into a bearish zone below $3,500 against the US Dollar. BTC might extend the current decline towards the next key support at $3,200 or even $3,000.

Bitcoin Price Analysis

This past week, we discussed a couple of important hurdles near $3,600 and $3,650 for bitcoin price against the US Dollar. The BTC/USD pair failed to surpass the $3,650 resistance and finally reacted to the downside. There was a sharp decline below the $3,520 support, which dragged Ethereum, ripple and altcoins lower. The price even broke the $3,480 support level and the 100 hourly simple moving average. During the decline, there was a break below a connecting support trend line at $3,485. It opened the doors for more losses below $3,450.

A new weekly low was formed at $3,403 and the price moved into a bearish zone. If there is an upside correction, the price may find offers near $3,450. The next resistance is the 23.6% Fib retracement level of the last drop from the $3,672 high to $3,403 low. The main resistance is near $3,500 and a bearish trend line on the hourly chart of the BTC/USD pair. Therefore, if the pair corrects higher, it is likely to face sellers near $3,450 or $3,500.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is back in a negative zone below $3,500. It seems like there are chances of more losses towards the $3,200 support. If $3,200 fails to hold, the price may test $3,000. On the other hand, a proper close above $3,500 might push the price back in a positive zone.

Technical indicators

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is placed in the oversold area below 20.

Major Support Level – $3,200

Major Resistance Level – $3,500

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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