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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?
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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Bitcoin (BTC) Price Approaching Next Key Break, RVN and LRC Up 10%

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:39 pm
2 mins read
technical analysis bitcoin

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  • Bitcoin price is likely preparing for the next key break above the $5,100 resistance against the US Dollar.
  • Ravencoin (RVN) and loopring (LRC) gained more than 10% today.
  • There is a key bullish trend line in place with support at $4,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair seems to trading in a contracting range below the $5,100 resistance area.

Bitcoin (BTC) is trading in a tight range and seems to be preparing for the next key break. Ethereum, ripple, bitcoin cash and litecoin are consolidating, while Ravencoin (RVN) and loopring (LRC) rallied 10%.

Bitcoin Price Analysis

In the past sessions, there were mostly range moves below the $5,100 resistance in bitcoin price against the US Dollar. Earlier, we saw a sharp downside correction in the BTC/USD pair from the $5,350-5,360 resistance area. The pair declined below the $5,000 support area and tested the $4,750 zone. It settled below the $5,200 support and the $5,100 pivot levels. A swing low was formed above $4,750 and the price rebounded above the 23.6% Fib retracement level of the last decline from the $5,361 high to $4,752 low.

At the moment, the price seems to be trading in a range above  $4,900 level and 100 hourly SMA. However, there is a strong resistance forming near the $5,060 and $5,100 levels. The 50% Fib retracement level of the last decline from the $5,361 high to $4,752 low is also near the $5,060 level. There were multiple rejections near the $5,100 level and it looks like bulls are struggling to gain momentum. To the downside, there is a key bullish trend line in place with support at $4,880 on the hourly chart of the BTC/USD pair.

The price is likely setting up for the next break either above the $5,100 resistance or below the trend line support. The next move in bitcoin is likely to lift Ethereum, ripple, bitcoin cash and litecoin in the same direction. Today, a few small caps coins started a solid upward move such as AOA, Ravencoin (RVN), loopring (LRC), ICON (ICX) and ZIL. The main performers are AOA (gained nearly 36%) and RVN (up close to 12%).

Bitcoin Price Analysis BTC Chart

Looking at the chart, BTC price could gain bullish momentum if it breaks the $5,060 and $5,100 resistance levels. If buyers continue to fail near the $5,100 resistance zone, there could be an extended downside correction below $4,900 and $4,750.

Technical indicators:

Hourly MACD – The MACD is slowly gaining traction in the bearish zone.

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

Major Support Levels – $4,900 followed by $4,800.

Major Resistance Levels – $5,060, $5,100 and $5,200.

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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

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