Bitcoin Price Watch: BTC Could Accelerate Gains Above $3,650

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is holding the key support near the $3,580 zone against the US Dollar.
Yesterday’s contracting triangle is in place with resistance near $3,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is likely preparing for the next bullish break above $3,610, $3,620 and $3,650.

Bitcoin price is setting up for the next crucial break against the US Dollar. BTC could gain bullish momentum if it clears the $3,620 and $3,650 resistance levels in the near term.

Bitcoin Price Analysis

Recently, we saw an intermediate high at $3,658 in bitcoin price against the US Dollar. Later, the BTC/USD pair corrected lower and traded below the $3,600 and $3,580 support levels. However, the $3,540 and $3,550 support levels acted as a strong barrier for sellers. A low was formed at $3,539 and later the price bounced back above $3,580. The price broke the $3,600 resistance and the 100 hourly simple moving average. Besides, there was a break above the 50% Fib retracement level of the last drop from the $3,658 high to $3,539 low.

However, the price faced a strong resistance near the $3,610-3,620 zone. More importantly, yesterday’s contracting triangle is in place with resistance near $3,610 on the hourly chart of the BTC/USD pair. The pair seems to be struggling near the 61.8% Fib retracement level of the last drop from the $3,658 high to $3,539 low. Therefore, a successful break above $3,610 and follow through above $3,620 could set the pace for more gains. The main resistance is at $3,650, above which the price might revisit $3,720. On the other hand, a downside break below $3,580 could encourage sellers to push the price further lower.

Looking at the chart, bitcoin price seems to be setting up for the next key break either above $3,620 or below $3,580. The price action is positive, but buyers need to gain strength above $3,620 for a proper follow through.

Technical indicators

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

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

Major Support Level – $3,580

Major Resistance Level – $3,620

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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