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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Bitcoin (BTC) Price Dips Remain Attractive To Bulls

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

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  • Bitcoin price surged above the $5,800 level and traded to a new 2019 high against the US Dollar.
  • The price traded as high as $5,837 on Kraken and recently corrected below the $5,600 level.
  • This week’s followed two bullish trend lines are intact with support near $5,500 and $5,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains supported on dips and it is likely to bounce back above $5,650 in the near term.

Bitcoin price surged above the $5,700 and $5,800 resistance levels. BTC corrected lower recently, but dips remain attractive to the bulls near $5,500 in the near term.

Bitcoin Price Analysis

The past two days were very bullish on bitcoin price above the $5,500 resistance against the US Dollar. The BTC/USD pair broke the $5,650 and $5,700 resistance levels to trade to a new 2019 high. The pair even surged above the $5,800 level and settled well above the 100 hourly simple moving average. The price traded as high as $5,837 and recently started a downside correction. As a result, it broke the $5,650 level and the 50% Fib retracement level of the recent wave from the $5,372 low to $5,837 high.

However, there are many supports near the $5,550 and $5,500 levels. The 61.8% Fib retracement level of the recent wave from the $5,372 low to $5,837 high seems to be acting as a strong support near $5,540. More importantly, this week’s followed two bullish trend lines are intact with support near $5,500 and $5,480 on the hourly chart of the BTC/USD pair. If the price dips again, the bulls are likely to defend the $5,500 support area. The last line of defense is near $5,480, and the 76.4% Fib retracement level of the recent wave from the $5,372 low to $5,837 high.

On the upside, an initial resistance is near the $5,650 level. The next key resistance is near $5,650 and a connecting bearish trend line on the same chart. A successful close above $5,650 may call for a fresh increase above $5,700 and $5,750.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading in a strong uptrend above $5,500 and $5,480. Therefore, any dips remain attractive and the price could bounce back above $5,700 in the near term. The main hurdle is near the $5,800 level, above which the price is likely to test the $6,000 resistance area.

Technical indicators:

Hourly MACD – The MACD is currently placed heavily in the bearish zone, with a few positive signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD dipped sharply below the 50 level, but stable near 35.

Major Support Levels – $5,550 followed by $5,500.

Major Resistance Levels – $5,600, $5,650 and $5,750.

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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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