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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Starts Corrective Decrease But Bulls Not Out Of Woods Yet

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price started a downside correction after rallying to a new 2020 high near $8,460 against the US Dollar. BTC corrected $500, but the price is still above many key supports.

  • Bitcoin failed to continue above $8,500 and started a downside correction against the US Dollar.
  • There was a significant correction below the $8,200 and $8,080 support levels.
  • There is a connecting bullish trend line active with support near $7,930 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to bounce back as long as it is above the $7,800 support and the 100 hourly SMA.

Bitcoin Correcting Gains

This week, we saw a strong rise in bitcoin price above the $8,000 resistance against the US Dollar. BTC traded to a new 2020 high near $8,460 before it started a downside correction.

The bears were able to push the price below the $8,300 and $8,200 levels. During the decline, there was a break below a key bullish trend line with support near $8,040 on the hourly chart.

Besides, the price failed to stay above the $8,000 support area. Finally, it traded as low as $7,867 and is currently consolidating in a range. On the upside, there are initial hurdles near $8,000, and the 23.6% Fib retracement level of the recent decline from the $8,426 high to $7,867 low.

The first key resistance for bitcoin is near the $8,145 level. It represents the 50% Fib retracement level of the recent decline from the $8,426 high to $7,867 low.

If there is a clear break above the $8,145 and $8,200 levels, the price is likely to resume its upward move. The next major resistance is at $8,280, above which the bulls are likely to aim a new 2020 high.

What Could Invalidate Bullish Trend In BTC?

On the downside, there are a couple of key supports for bitcoin near the $7,800 level. More importantly, the 100 hourly simple moving average is near $7,800.

Therefore, a successful bearish close below $7,800 might invalidate the current bullish view. In the mentioned case, the price is likely to revisit the $7,500 support.

Bitcoin Price

Looking at the chart, bitcoin price is clearly under stress below the $8,000 and $8,100 levels. In the short term, there could be a downside extension, but the price is likely to bounce back as long as it is above $7,800.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.

Major Support Levels – $7,860 followed by $7,800.

Major Resistance Levels – $8,000, $8,145 and $8,200.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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