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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Daily Chart Suggests Loss In Momentum But Uptrend Intact Above $9,300

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Bitcoin is trading nicely in a strong uptrend above $9,300 on the daily chart against the US Dollar. BTC is currently facing a crucial barrier at $10,000, above which it could rally significantly.

  • Bitcoin climbed to a new 2-month high at $10,390 before starting a consolidation phase.
  • The price seems to be losing bullish momentum, but it is well above the 100-day simple moving average.
  • There is a crucial bullish trend line forming with support near $9,300 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • Ethereum is also showing positive signs, but it facing a major resistance near the $250 level.

Bitcoin Facing Uphill Task

In the past few days, there was a steady rise in bitcoin price above the $9,000 level resistance against the US Dollar. BTC price extended its rise above the $10,000 level and settled well above the 100-day simple moving average.

It traded to a new 2-month high at $10,390 and recently corrected lower. There was a break below the $10,200 and $10,000 levels. It even corrected below the 50% Fib retracement level of the upward move from the $8,655 swing low to $10,390 high.

However, there is a strong support forming near the $9,300 level. There is also a crucial bullish trend line forming with support near $9,300 on the daily chart of the BTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $8,655 swing low to $10,390 high.

Bitcoin Price
Bitcoin Price

If bitcoin fails to stay above the trend line, it could start a substantial downside correction. The next key support is near the $9,000 level, below which it could continue lower towards the $8,655 swing low in the coming days.

Any further losses could lead the price towards $8,250 or the 1.236 Fib extension level of the upward move from the $8,655 swing low to $10,390 high.

Bullish Break above $10,500?

On the upside, an initial hurdle for the bulls is near the $10,000 level. If bitcoin settles above the $10,000 level, it could continue to rise.

The main resistance is near the $10,500 level, above which the price is likely to gain 8%-12% in the near term. The next major hurdle could be near the $11,200 level.

Technical indicators:

Daily MACD – The MACD is slowly losing momentum in the bullish zone.

Daily RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 50 level.

Major Support Levels – $9,300 followed by $9,000.

Major Resistance Levels – $10,000, $10,500 and $11,200.

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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.

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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

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