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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 (BTC) Price Correction Presents Another Buying Opportunity

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

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  • After a strong rejection near $12,000, bitcoin price started a fresh decline against the US Dollar.
  • A swing high was formed near $12,053 and recently declined below $11,800 and $11,400.
  • There was a break below a major bullish trend line with support near $11,840 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair tested the $10,800 support level and it remains well supported for more gains.

Bitcoin price started a fresh decline below the $11,800 support against the US Dollar. BTC is currently holding a few key supports and it could rise again above $11,800.

Bitcoin Price Analysis

Recently, there was a decent upward move in bitcoin price above $11,200 and $11,800 against the US Dollar. The BTC/USD pair even climbed above the $12,000 resistance and the 100 hourly simple moving average. However, the price struggled to remain above the $12,000 level and formed a swing high at $12,053. As a result, there was a downside correction below the $11,800 and $11,600 support levels.

There was a break below the 23.6% Fib retracement level of the last upward move from the $9,677 low to $12,053 high. Additionally, there was a break below a major bullish trend line with support near $11,840 on the hourly chart of the BTC/USD pair. Moreover, the pair spiked below the $11,000 support and the 100 hourly simple moving average. However, the $10,800 level acted as a strong support base.

Besides, the 50% Fib retracement level of the last upward move from the $9,677 low to $12,053 high prevented more losses. The price is currently trading above the $11,000 level and the 100 hourly simple moving average. It seems like the current price action, there are chances of a fresh increase above the $11,400 and $11,500 resistance levels.

On the upside, the main resistances are near the $11,800 and $12,000 levels. A break above the $12,053 swing high, the price could continue to rise towards the $12,250 and $12,400 levels. On the downside, a close below the $10,800 support level might negate the current bullish view. The next main support is near $10,580 level or the 61.8% Fib retracement level of the last upward move from the $9,677 low to $12,053 high.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is holding a few important supports near the $10,800 and $11,000 levels. In the short term, there could be a few range moves before the price either climbs above $11,500 or revisits $10,800 and $10,580.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its recent bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 40 level, with a few positive signs.

Major Support Levels – $11,000 followed by $10,800.

Major Resistance Levels – $11,500, $11,800 and $12,000.

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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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