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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Showing Signs of Weakness But 100 SMA Can Trigger New Rally

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

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Bitcoin is struggling to gain momentum above the key $7,000 resistance against the US Dollar. BTC is likely to surge past $7,000 as long as it is above $6,400 and the 100 SMA (H4).

  • Bitcoin price is currently showing a few bearish signs below the $7,000 resistance area.
  • There is a strong support forming above $6,400 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support at $6,425 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could make another attempt to surpass the $7,000 and $7,200 resistance levels in the near term.

Bitcoin is Holding Crucial Support

This past week, bitcoin traded higher above the $6,400 and $6,500 resistance levels against the US Dollar. BTC price even spiked above the $7,000 resistance and settled nicely above the 100 simple moving average (4-hours).

It traded as high as $7,273 before starting a downside correction. The price settled below the $7,000 level to start the correction. Besides, there was a spike below the 50% Fib retracement level of the upward move from the $6,150 low to $7,273 high.

The price tested the $6,600 support area and it is currently consolidating in a range. It seems like the 61.8% Fib retracement level of the upward move from the $6,150 low to $7,273 high is acting as a support.

There is also a key bullish trend line forming with support at $6,425 on the 4-hours chart of the BTC/USD pair. More importantly, the 100 simple moving average (4-hours) is near the trend line and the $6,400 support.

Bitcoin Price
Bitcoin Price

If BTC fails to stay above the $6,400 support and the 100 SMA, there is a risk of a significant decline. The next key support is near the $6,000 level, below which it could even test the $5,800 support area.

Upside Break

Bitcoin bulls need to protect the $6,400 support and the 100 SMA for another increase in the near term. On the upside, an initial hurdle is near the $7,000 level.

A successful break above the $7,000 resistance level could spark a strong rally above the $7,200 and $7,270 levels. The next major resistance is near the $7,500 level, above which the price is likely to test the $7,880 level.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly moving into the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining towards the 50 level.

Major Support Level – $6,400

Major Resistance Level – $7,000

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Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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

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

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