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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price (BTC) Watch: Here Is Why Bulls Must Be Careful

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

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  • Bitcoin price is currently trading below the $10,080 resistance area against the US Dollar.
  • The price is facing many hurdles on the upside near $10,080 and $10,100.
  • There is a short term breakout pattern forming with resistance near $10,060 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could either climb towards $10,400 or it might extend its decline below $9,850.

Bitcoin price is under pressure below $10,200 against the US Dollar. BTC remains at a risk of more losses until it settles above $10,100 and $10,200.

Bitcoin Price Analysis

This past week, we saw a couple rejections near the $10,400 resistance in bitcoin against the US Dollar. The price struggled to gain bullish momentum above $10,350 and remained in a bearish zone. As a result, there was a bearish reaction below the $10,200 level. Moreover, the price broke the $10,000 support and settled below the 100 hourly simple moving average.

The recent low was formed near $9,851 and the price is currently consolidating. It traded above the 23.6% Fib retracement level of the recent decline from the $10,315 swing high to $9,851 low. However, the price seems to be facing a lot of hurdles near the $10,080 and $10,100 levels. Moreover, there is a short term breakout pattern forming with resistance near $10,060 on the hourly chart of the BTC/USD pair.

The 50% Fib retracement level of the recent decline from the $10,315 swing high to $9,851 low is also near the $10,080 level. Therefore, an upside break above the triangle and the $10,080 resistance might open the doors for a decent rise towards the $10,400 resistance area. However, a convincing break above $10,400 is must for uptrend continuation.

Conversely, the price might breakdown below the $9,900 and $9,850 levels. In the mentioned bearish case, the price could slide towards the $9,650 support area. The next key support is near the $9,400 area, below which the bears are likely to take control. They could aim the $9,000 and $8,800 levels if there is a break below $9,400.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly trading below many key resistances such as $10,080. Even if there is an upside break, the bulls face an uphill task. There is a cluster of resistances between $10,200 and $10,400. Only a daily close above $10,400 might pump the price higher towards $11,000 in the coming days.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower towards the 40 level.

Major Support Levels – $9,850 followed by $9,650.

Major Resistance Levels – $10,080, $10,200 and $10,400.

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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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