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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Daily Chart Indicates Crucial Bullish Breakout Towards $10,000

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
chainlink link price

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Bitcoin is rising steadily and it recently broke the $9,400 resistance against the US Dollar. BTC’s daily chart suggests that the bulls are likely aiming a larger rally towards $10,000.

  • Bitcoin formed a strong support base near $9,000 and recently started a fresh increase.
  • The price is currently trading well above the $9,200 support and the 100-day simple moving average.
  • There was a break above a crucial bearish trend line with resistance near $9,350 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower, but it seems like the bulls are likely to aim a test of $9,800 or $10,000.

Bitcoin Price Could Rally To $10,000

After a minor decline below the $9,000 level, bitcoin price found support at $8,800 against the US Dollar. BTC remained well bid above the $8,800 level and the 100-day simple moving average.

As a result, a fresh increase was initiated and the price broke a few important hurdles near $9,000, $9,300 and $9,400 (as discussed in yesterday’s analysis). There was a break above the 23.6% Fib retracement level of the key downward move from the $10,376 swing high to $8,802 low.

More importantly, there was a break above a crucial bearish trend line with resistance near $9,350 on the daily chart of the BTC/USD pair. This is a positive sign and suggests that the bulls are taking control above $9,300.

Bitcoin

Bitcoin price breaks $9,400: Source: TradingView.com

An initial resistance on the upside is near $9,580 and $9,600. It is close to the 50% Fib retracement level of the key downward move from the $10,376 swing high to $8,802 low. A successful break above the $9,600 level could open the doors for a larger upward move towards the $10,000 resistance in the coming days.

Chances of Downside Correction?

In the short-term, bitcoin might correct lower towards the broken bearish trend line at $9,320 or $9,300. If there is a bearish break below the $9,300 level, the price might find support near $9,200.

Any further losses may perhaps push the price towards the $8,800 support or the 100-day simple moving average, which holds the key for a larger breakdown. A close below $8,800 and $8,650 might start a strong decline towards $8,000 or $7,800 in the near term.

Technical indicators:

Daily MACD – The MACD is currently gaining momentum in the bullish zone.

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

Major Support Levels – $9,300 followed by $8,800.

Major Resistance Levels – $9,580, $10,000 and $10,300.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

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