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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions
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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions

Bitcoin Price Watch: BTC Consolidating Amid Low Volatility and Volume

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

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  • Bitcoin price trading in a tight range above the $3,375 support area against the US Dollar.
  • There is a key connecting bullish trend line formed with support at $3,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price might correct higher in the short term towards the $3,430 and $3,350 resistances.

Bitcoin price is struggling to gain bullish momentum above $3,450 against the US Dollar. BTC price might continue to trade in a range until trading volumes and volatility picks up.

Bitcoin Price Analysis

In the past three sessions, there were mostly range moves in bitcoin price above the $3,375 support against the US Dollar. The BTC/USD pair stayed above the $3,400 support level and trading in a $25 range. It moved above the 23.6% Fib retracement level of the last drop from the $3,494 swing high to $3,390 low. However, the price struggled to gain momentum above $3,430 and the 100 hourly simple moving average. The current price action is neutral-to-bearish, with resistances near $3,430 and $3,450.

An intermediate resistance is near the $3,440 level. It represents the 50% Fib retracement level of the last drop from the $3,494 swing high to $3,390 low. If there is a successful break above the $3,440 and $3,450 resistance levels, the price might trade towards the $3,480 resistance. On the downside, an initial support is near the $3,400 level. There is also a key connecting bullish trend line formed with support at $3,400 on the hourly chart of the BTC/USD pair. Below the trend line support, the pair could trade towards the $3,375 support level. The next key support is at $3,350 and $3,345.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price might continue to trade in a range, with bullish moves toward $3,440. Having said that, a solid upward move requires an increase in volatility and volume. If not, there is a risk of a bearish break towards $3,320.

Technical indicators

Hourly MACD – The MACD is currently flat in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level, with a bullish angle.

Major Support Level – $3,400

Major Resistance Level – $3,440

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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

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