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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Bitcoin Price Won’t Go Down Quietly: Risk of Bounce Grows

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Bounce

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Bitcoin is currently consolidating above the key $8,500 support area against the US Dollar. BTC price could start a fresh rally if it clears the $8,800 resistance area.

  • Bitcoin price is confined in a range above the main $8,500 support against the US Dollar.
  • The bulls are facing hurdles near the $8,760 and $8,800 resistance levels.
  • There is a key contracting triangle forming with resistance near $8,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally above $8,800 or start a downside extension below $8,470.

Bitcoin Sighting Upside Break

Yesterday, we discussed a downside correction in bitcoin from well above the $9,000 level against the US Dollar. BTC price followed a short term bearish path and broke the $8,800 support area.

Moreover, there was a close below the $8,800 level and the 100 hourly simple moving average. Finally, bitcoin tested the key $8,500 support area and recently started a tiny recovery.

The price tested the $8,500 support area on multiple occasions, but the bears failed to gain traction. As a result, the price recovered above the $8,650 level, plus the 23.6% Fib retracement level of the downward move from the $9,186 high to $8,470 swing low.

On the upside, there are a few key hurdles forming near the $8,760 and $8,800 levels for bitcoin. Besides, there is a key contracting triangle forming with resistance near $8,720 on the hourly chart of the BTC/USD pair.

Bitcoin Price

More importantly, the 100 hourly SMA is near the $8,800 level and the 50% Fib retracement level of the downward move from the $9,186 high to $8,470 swing low.

Therefore, a successful break above the $8,800 resistance could start a fresh rally. In the mentioned case, bitcoin price is likely to climb above the $9,000 and $9,100 levels in the near term. Any further gains could lead the price towards $9,300.

Importance of $8,500 for BTC

As mentioned, the $8,500 support area holds a lot of importance for BTC bulls. If the price fails to stay above the $8,500 and $8,470 support levels, there could be another slide.

Below $8,470, bitcoin is likely to extend its losses towards $8,200 or $8,000. The main support is near $8,000, where the bulls are likely to take a stand.

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 moving higher and it is just above the 50 level.

Major Support Levels – $8,560 followed by $8,500.

Major Resistance Levels – $8,760, $8,800 and $8,830.

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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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