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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin Just Reversed and Its Vulnerable To A Drop Towards $5,200

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin is down more than 5% and it broke the $6,000 support against the US Dollar. BTC price is now showing bearish signs and it could continue to move down.

  • Bitcoin started a fresh decline after it failed to clear the $6,500 resistance against the US Dollar.
  • The price is now trading below the $6,200 and $6,000 support levels.
  • There is a key contracting triangle forming with support near $5,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either decline sharply below $5,750 or it might attempt a fresh increase to $6,500.

Bitcoin Down 5%

After a decent upward move, bitcoin struggled to gain momentum above the $6,500 resistance against the US Dollar. BTC price made a couple of attempts to settle above $6,500, but it failed.

As a result, there was a fresh decline below the $6,200 support and the 100 hourly simple moving average. The price gained bearish momentum and traded below the $6,000 support.

A new weekly low is formed near the $5,694 level and bitcoin is currently consolidating losses. It is trading above the 23.6% Fib retracement level of the recent decline from the $6,471 high to $5,694 low.

There are many hurdles on the upside, starting with the $6,000 level. The first major hurdle is near the $6,080 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $6,471 high to $5,694 low is also near $6,080.

More importantly, there is a key contracting triangle forming with support near $5,780 on the hourly chart of the BTC/USD pair. To move into a positive zone, the price must clear the triangle resistance and $6,080.

Bitcoin Price
Bitcoin Price

The next hurdle is near the $6,200 level, above which the bulls are likely to aim a retest of the key $6,500 resistance area in the near term.

More Downsides?

If bitcoin fails to recover above the $6,000 and $6,080 resistance levels, it could continue to move down. An initial support is near the $5,800 and $5,780 levels.

A clear break below the triangle support and $5,700 may perhaps spark more downsides. The next support is near the $5,500 level, below which it could continue to move down towards $5,200 in the near term.

Technical indicators:

Hourly MACD – The MACD is attempting a change in slope to the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level, with a bearish angle.

Major Support Levels – $5,780 followed by $5,500.

Major Resistance Levels – $6,000, $6,080 and $6,200.

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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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Reason to trust

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