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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Price Signaling Fresh Increase: Buying Dips Favored

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

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  • Bitcoin price corrected lower recently and tested the $8,425 support against the US Dollar.
  • The price bounced back and it is currently trading above the $8,600 resistance area.
  • There was a break above a key bearish trend line with resistance at $8,690 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains well supported on dips and it is likely to climb above $8,800 in the near term.

Bitcoin price tested the key $8,425 support and the 100 hourly SMA against the US Dollar. BTC bounced back and it is currently gaining momentum above the $8,700 level.

Bitcoin Price Analysis

Yesterday, we saw the start of a downside correction in bitcoin price below $8,700 against the US Dollar. The BTC/USD pair traded below the $8,600 and $8,550 support levels. There was also a break below the $8,500 level. However, the $8,425 support level along with the 100 hourly simple moving average acted as a strong support (as discussed in yesterday’s analysis). Moreover, the 50% Fib retracement level of the upward move from the $7,905 low to $8,950 swing high also acted as a support.

As a result, the price bounced back sharply above the $8,600 and $8,700 resistance levels. Besides, there was a break above the 50% Fib retracement level of the drop from the $8,955 high to $8,433 swing low. More importantly, there was a break above a key bearish trend line with resistance at $8,690 on the hourly chart of the BTC/USD pair. The pair is now trading above the $8,700 resistance. Moreover, it is testing the 61.8% Fib retracement level of the drop from the $8,955 high to $8,433 swing low.

In the short term, there could be a downside correction, but the broken trend line is likely to act as a support near $8,680. Below the $8,680 support, the next key support is near the $8,600 level and the 100 hourly simple moving average. As long as the price is above the 100 hourly simple moving average, there are chances of more gains above the $8,750 and $8,800 resistance levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price bounced back and completed a downside correction near $8,425. However, it must gain momentum above the $8,800 barrier to continue higher. The next important resistance is near $8,900. Above this, the price is likely to test the major $9,000 handle in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level and it might continue higher towards 65.

Major Support Levels – $8,680 followed by $8,600.

Major Resistance Levels – $8,750, $8,800 and $8,900.

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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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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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