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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Price Watch: BTC Confined In Tiny Ranges Below Key Resistance

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

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  • Bitcoin price spiked above the key $3,860 resistance level, but it failed to gain pace against the US Dollar.
  • The price is trading in a range below the $3,860 and $3,900 resistance levels.
  • There is a short-term ascending channel in place with support at $3,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could dip towards the $3,740 support level before a fresh rebound towards $3,860.

Bitcoin price is stuck in tiny ranges below the $3,860 resistance against the US Dollar. BTC could correct lower, but dips remain supported above the $3,740 and $3,720 levels.

Bitcoin Price Analysis

This week, we saw a strong resistance near the $3,860 level in bitcoin price against the US Dollar. The BTC/USD pair made a couple of attempts to break the $3,860 resistance, but it failed. There was even a bearish reaction below $3,700, but the price quickly recovered after trading as low as $3,651. It bounced back and settled above the $3,800 support level. Recently, there was a sharp upward move above the $3,860 resistance, but buyers failed to gain pace.

A swing high was formed at $3,885 and later the price trimmed gains. It broke the 23.6% Fib retracement level of the recent wave from the $3,651 low to $3,885 high. However, the $3,770 and $3,760 levels acted as supports. Besides, the 50% Fib retracement level of the recent wave from the $3,651 low to $3,885 high acted as a support. At the moment, the price is trading near the $3,800 support and the 100 hourly simple moving average. More importantly, there is a short-term ascending channel in place with support at $3,800 on the hourly chart of the BTC/USD pair.

The pair might break the channel support, but it could find support near the $3,750 or $3,740 level. The latter support represents the 61.8% Fib retracement level of the recent wave from the $3,651 low to $3,885 high. On the upside, the main resistance is at $3,860, followed by the $3,900 barrier. A successful close above $3,900 may perhaps open the doors for more upsides towards the $4,000 and $4,050 levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price clearly stuck in a tiny range below the $3,860 resistance. There could be more range moves, with a bearish angle before buyers attempt to clear the $3,860 resistance. On the other hand, a break below $3,740 might push the price towards the $3,650 support.

Technical indicators

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD seems to be struggling to settle above the 50 level.

Major Support Level – $3,800 followed by $3,740.

Major Resistance Level – $3,850, $3,860 and 3,900.

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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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