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

Bitcoin Hesitates But These Indicators Suggest Break Above $7K Is Looming

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

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Bitcoin is up more than 2% and it is gaining bullish momentum against the US Dollar. BTC price is likely to surge 4%-5% if it clears the main $7,000 resistance area.

  • Bitcoin is showing a lot of positive signs above the $6,700 support against the US Dollar.
  • The price is approaching the main $7,000 resistance and breakout zone.
  • There was a break above a major bearish trend line with resistance near $6,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rally significantly if there is a clear break above the $7,000 resistance area.

Bitcoin Turns Green

In the past days, bitcoin remained well bid above the $6,660 and $6,700 support levels against the US Dollar. BTC bears made many attempts to push the price below the $6,666 support, but they failed.

The recent low was formed near $6,650 before the price started a fresh increase. There was a break above the $6,765 resistance level and the 100 hourly simple moving average.

More importantly, there was a break above a major bearish trend line with resistance near $6,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading comfortably above the $6,800 and $6,850 levels.

Bitcoin Price
Bitcoin Price

It is currently testing the 50% Fib retracement level of the key decline from the $7,263 high to $6,612 swing low. The main resistance on the upside is near the $7,000 level, which acted as a key hurdle for the bulls on a few occasions.

The 61.8% Fib retracement level of the key decline from the $7,263 high to $6,612 swing low is also near the $7,015 level to act as a resistance. Therefore, a successful break above the $7,000 and $7,015 levels is likely to start a strong rally in the coming sessions.

The next major resistance is near the $7,200 level, above which the bulls are likely to aim a test of the $7,500 level.

Another Rejection?

If bitcoin fails again to clear the $7,000 resistance, it could decrease the chances of a strong rally. An initial support is near the $6,800 level, below which the price might decline towards $6,765.

The main support is still near the $6,660 level, below which the bulls are likely to lose control and the price could dive towards the $6,200 and $6,000 levels.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.

Major Support Levels – $6,800 followed by $6,600.

Major Resistance Levels – $7,000, $7,200 and $7,500.

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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
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