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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Smashes Heavy Uptrend Resistance as Bulls Take Over Crypto Market

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin gained around 2% and it broke the $9,500 resistance against the US Dollar. BTC is currently consolidating gains and indicators suggest high chances of more upsides above $9,600.

  • Bitcoin is up close to 2% and it surpassed the key $9,500 resistance level.
  • The price traded to a new monthly high at $9,568 and it is above the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $9,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower in the short-term, but the bulls are likely to protect $9,450 or $9,400.

Bitcoin Price Breaks $9,500

In the past two days, there was a positive price action in bitcoin above $9,200 against the US Dollar. BTC started a steady rise and broke the $9,300 and $9,500 resistance levels.

The price even spiked above the $9,550 resistance and settled well above the 100 hourly simple moving average. It traded to a new monthly high at $9,568. Bitcoin is currently consolidating gains above the $9,500 level.

An initial support is near the $9,500 level since it is close to the 23.6% Fib retracement level of the recent surge from the $9,284 swing low to $9,568 high. The first major support is near the $9,450 level, below which the price might extend its decline.

There is also a major bullish trend line forming with support near $9,420 on the hourly chart of the BTC/USD pair. The trend line coincides with the recent breakout zone and the 50% Fib retracement level of the recent surge from the $9,284 swing low to $9,568 high.

Bitcoin

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

On the upside, the bulls need to gain strength above the $9,550 and $9,580 levels. If they succeed, the price is likely to accelerate higher towards $9,800 in the near term. Any further gains could lead the price towards the $10,000 barrier.

Uptrend Intact in BTC

If bitcoin corrects lower, the bulls are likely to protect $9,450 or $9,400. A downside break below the trend line support might call for an extended decline towards $9,360.

The next major support is near the $9,300 level, followed by the 100 hourly simple moving average. Any further losses may perhaps push the price back towards the $9,000 support.

Technical indicators:

Hourly MACD – The MACD is currently moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 70 level.

Major Support Levels – $9,450, followed by $9,400.

Major Resistance Levels – $9,550, $9,580 and $9,650.

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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

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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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