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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Defies Gravity: Failed Head And Shoulders Could Trigger Massive Rally

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

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Bitcoin price jumped above the $9,550 resistance to invalidate a key head and shoulders pattern against the US Dollar. It seems like BTC is primed for a massive rally above $10,000.

  • Bitcoin bears failed to push the price below the main $9,150 support against the US Dollar.
  • The bulls gained control, resulting in a fresh increase above $9,500.
  • There is a connecting bullish trend line forming with support near $9,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • On the upside, the $9,500 and $9,580 levels hold the key for the next major rally.

Bitcoin Stuck In a Range

In yesterday’s weekly analysis, we saw a possible head and shoulders pattern for bitcoin below $9,500 against the US Dollar. BTC declined below $9,300, but the bears failed to push the price below the main $9,150 support.

As a result, the bulls regained control and pumped the price back above $9,400. Moreover, the price broke the $9,500 resistance and the 100 hourly simple moving average.

A new 2020 high is formed near $9,609 before the price trimmed gains. It revisited the $9,250 area and a low is formed near $9,232. Bitcoin is currently climbing higher and trading above the 23.3% Fib retracement level of the recent drop from the $9,609 high to $9,232 low.

Besides, there is a connecting bullish trend line forming with support near $9,280 on the hourly chart of the BTC/USD pair. Therefore, it seems like the price is well supported on the downside near the $9,280 and $9,240 levels.

Bitcoin price
Bitcoin price

The main support is still near the $9,150 level, below which there is a risk of a larger downside correction to $8,800 or even $8,600.

Major Hurdle for BTC

The $9,500 and $9,550 resistance levels are very important. A successful close above the mentioned levels is must for upside continuation towards the $10,000 resistance area.

Any further gains above the $10,000 handle may perhaps lead the price towards the $10,400 resistance level in the coming sessions. Conversely, if bitcoin continues to struggle near the $9,500 and $9,550 resistance levels, there is a risk of a strong decline below the $9,240 and $9,150 support levels in the near term.

Technical indicators:

Hourly MACD – The MACD is likely to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising and it is just above the 50 level.

Major Support Levels – $9,240 followed by $9,150.

Major Resistance Levels – $9,500, $9,550 and $10,000.

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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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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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