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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Do or Die for Bitcoin Bulls: Here’s A Crucial Breakout Zone For A Sharp Recovery

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

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Bitcoin managed to stay above the $9,350 support area against the US Dollar. BTC price is currently recovering, but it must surpass $9,825 for a strong upward move.

  • Bitcoin price is currently correcting higher from the $9,350 support area against the US Dollar.
  • There is a strong resistance waiting on the upside near the $9,825 level.
  • Recently, there was a break above a contracting triangle with resistance near $9,665 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally above $9,825 or it might start a fresh decline back to $9,350.

Bitcoin Approaching Key Resistance

After a close below the $9,500 level, bitcoin price extended its decline below $9,400 against the US Dollar. However, BTC remained stable above the $9,340 and $9,350 levels.

A swing low is formed near $9,344 and the price is currently recovering. It surpassed the 23.6% Fib retracement level of the recent slide from the $10,300 high to $9,344 low.

Moreover, there was a break above a contracting triangle with resistance near $9,665 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $9,700 level, but there are many key hurdles waiting on the upside.

Bitcoin Price
Bitcoin Price

The first resistance for bitcoin is near the $9,825 level and the 100 hourly simple moving average. It is also close to the 50% Fib retracement level of the recent slide from the $10,300 high to $9,344 low.

Therefore, a clear break above the $9,825 resistance and the 100 hourly SMA could set the pace for a larger upward move in the near term. The next major resistance is near $10,060, above which the price is likely to aim a break above the $10,300 swing high. Any further gains could lead the price towards the $10,500 resistance.

Another Failure?

If BTC fails to continue above the $9,825 resistance and the 100 hourly SMA, there could be another decline. An initial support is near the $9,620 level.

The first key support is near the $9,500 level, below which bitcoin could revisit the $9,350 support area. If the bears are able to clear the $9,350 support, the next stop for them may perhaps be near the $9,050 level.

Technical indicators:

Hourly MACD – The MACD is slowly gaining strength in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, with positive signs.

Major Support Levels – $9,500 followed by $9,350.

Major Resistance Levels – $9,825, $10,000 and $10,060.

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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

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