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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Just Saw Key Technical Correction But This Level Can Trigger Fresh Increase

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin started a downside correction after it was rejected near $9,500 against the US Dollar. BTC is now trading near the main $9,200 support and it could either start a fresh increase or dive to $9,000.

  • Bitcoin is correcting lower and approaching the $9,200 and $9,180 support levels.
  • The price is currently trading below the $9,280 pivot level and the 100 hourly simple moving average.
  • There was a break below a crucial bullish trend line with support near $9,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must stay above the $9,180-$9,200 support area to start a fresh increase.

Bitcoin Price Testing Key Support

After a decent upward move, bitcoin faced a strong resistance near $9,480 and $9,500 against the US Dollar. BTC traded as high as $9,480 and recently started a downside correction.

There was a break below the $9,400 and $9,300 levels. The price even broke the $9,280 pivot level and the 100 hourly simple moving average. There was also a break below the 23.6% Fib retracement level of the upward move from the $8,917 swing low to $9,480 high.

More importantly, there was a break below a crucial bullish trend line with support near $9,360 on the hourly chart of the BTC/USD pair. The pair is now trading near the $9,200 and $9,180 support levels.

Bitcoin Price

Bitcoin price testing $9,200: Source: TradingView.com

The 50% Fib retracement level of the upward move from the $8,917 swing low to $9,480 high is also acting as a strong support. It seems like the price is trading near a major inflection zone at $9,180. If it stays above the $9,180 support, it could start a fresh increase in the coming sessions.

On the upside, an initial resistance is near the $9,280 level and the 100 hourly SMA. A successful close above the $9,280 level might open the doors for a push towards the $9,400 and $9,500 levels.

Bearish Break in BTC

Conversely, there is a risk of a bearish break below the $9,200 and $9,180 support levels. If bitcoin closes below the $9,180 level, it could continue to move down.

The next major support is near the $9,000 level, where the bulls are likely to appear. Any further losses might lead the price towards the $8,800 level.

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 currently well below the 40 level.

Major Support Levels – $9,180, followed by $9,000.

Major Resistance Levels – $9,280, $9,400 and $9,500.

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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.

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
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