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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price (BTC/USD) Signaling Bullish Acceleration Above $10,500

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

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  • Bitcoin price traded higher and broke the key $10,200 resistance area against the US Dollar.
  • The price is placed nicely above the $10,200 level and it recently tested the $10,500 area.
  • There is a major bullish trend line forming with support near $10,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains in an uptrend and it may soon accelerate above the $10,500 resistance level.

There were decent gains in bitcoin price above $10,200 against the US Dollar. BTC price is likely preparing for more gains above the $10,500 and $10,600 levels.

Bitcoin Price Analysis

In the past few sessions, there were positive moves in bitcoin price above $10,000 against the US Dollar. The BTC/USD pair broke the main $10,200 resistance level to move further into the bullish zone. Moreover, there was a close above the $10,200 resistance and the 100 hourly simple moving average. It opened the doors for more gains above the $10,400 level and the price tested the $10,500 resistance level.

A swing high was formed near $10,491 and the price is currently consolidating gains. An immediate support is near the $10,350 level, plus the 23% Fib retracement level of the recent upward move from the $9,881 low to $10,491 high. Moreover, there is a short term declining channel or bullish flag forming with resistance near $10,400 on the hourly chart of the BTC/USD pair.

If there is an upside break, the price is likely to accelerate above $10,450 and $10,500. The next key resistance is near the $10,600 level. On the downside, there is a strong support forming near the $10,200 level. Moreover, there is a major bullish trend line forming with support near $10,200 on the same chart. Finally, the 50% Fib retracement level of the recent upward move from the $9,881 low to $10,491 high is near the $10,180 level.

Therefore, a downside correction towards the $10,200 level is likely to find strong buying interest in the near term. If there is a downside break below the $10,200 support, the price could revisit the $10,000 support area.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading with a bullish bias above the $10,000 and $10,200 support levels. Therefore, there are high chances of more gains above the $10,500 and $10,600 levels in the coming sessions. Only a close below $10,000 might push the price back in a bearish zone.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 55 level.

Major Support Levels – $10,200 followed by $10,000.

Major Resistance Levels – $10,400, $10,500 and $10,600.

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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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