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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Hesitates But This Technical Breakout Suggests Gains Above $9,800

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin started a downside correction from the $9,780 swing high against the US Dollar. BTC found support near $9,600 and it is currently gaining bullish momentum for a fresh rally.

  • Bitcoin is trading nicely above the $9,500 support zone and the 100 hourly simple moving average.
  • A short-term downside correction seems to be over near the $9,570 level.
  • There was a break above a key contracting triangle with resistance near $9,640 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could soon break the $9,700 and $9,800 resistance levels for more upsides.

Bitcoin Price Could Resume Rally

Yesterday, we saw a sharp increase in bitcoin price above the main $9,500 resistance against the US Dollar. BTC rallied above the $9,700 level and settled above the 100 hourly simple moving average.

The price traded to a new weekly high near $9,780 and started a downside correction. It broke the $9,700 level to move into a short term correction phase. However, the decline found support near $9,570 and the price remained well above the $9,500 area.

A low was formed near $9,570 and the price is currently rising. There was a break above the 23.6% Fib retracement level of the recent correction from the $9,781 high to $9,570 low. More importantly, there was a break above a key contracting triangle with resistance near $9,640 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin price holding $9,500: Source: TradingView.com

The current technical structure suggests bitcoin price could continue to rise above $9,700. Immediate resistance is near the $9,675 level. It is close to the 50% Fib retracement level of the recent correction from the $9,781 high to $9,570 low.

If the bulls gain momentum above $9,670 and $9,700, the price is likely to climb above the $9,780 swing high in the near term. The next target for them may perhaps be $10,000 or $10,200.

Downsides Might be Limited in BTC

On the downside, bitcoin is likely to find a strong buying interest near the $9,600 level. If there is a daily close below the $9,500 support, the price could continue lower.

The next major support is seen near the $9,500 level, below which the 100 hourly SMA at $9,450 is likely to stop the decline.

Technical indicators:

Hourly MACD – The MACD is about to move back into the bullish zone.

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

Major Support Levels – $9,600, followed by $9,500.

Major Resistance Levels – $9,670, $9,700 and $9,800.

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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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