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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Breaking This Confluence Resistance Could Spark a Significant Surge 2020-08-16

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin is trading in a bullish zone above the $11,650 level against the US Dollar. BTC is likely to accelerate higher once it clears the key $12,050 resistance zone.

  • Bitcoin is gaining bullish momentum and it is approaching the $12,000 resistance zone.
  • The price is forming a strong support near the $11,650 level and the 100 simple moving average (4-hours).
  • There is a crucial bullish trend line with support near $11,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct a few points, but the price action suggests more gains above $12,000.

Bitcoin is Gaining Traction

In the past few days, there was a positive price action in bitcoin, Ethereum and ripple against the US Dollar. BTC remained well bid above the $11,200 level and the 100 simple moving average (4-hours).

It started a fresh increase from the $11,276 swing low and climbed above the main $11,500 resistance area. There was a break above a connecting bearish trend line with resistance near $11,600 on the 4-hours chart of the BTC/USD pair.

The pair retested the $12,000 resistance zone and it is currently consolidating gains. An initial support is near the $11,800 level. It is close to the 23.6% Fib retracement level of the recent upward move from the $11,276 swing low to $11,977 high.

Bitcoin

Bitcoin price testing $12,000. Source: TradingView.com

The main support is forming near the $11,650 level or the 50% Fib retracement level of the recent upward move from the $11,276 swing low to $11,977 high. There is also a crucial bullish trend line with support near $11,500 on the 4-hours chart of the same chart.

On the upside, a successful daily close above the $12,000 and $12,050 levels may perhaps open the doors for another rally. The next major resistance could be $12,400 or $12,600.

Dips Likely To Be Supported in BTC

If bitcoin starts a downside correction, it is likely to find support near $11,650 or $11,600. The breakdown support is near the trend line and the $11,500 pivot level.

A downside break below the $11,650 and $11,500 support levels could initiate a substantial downward move in the coming sessions. The next key support is near $11,200, followed by the $11,000 handle.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 55 level.

Major Support Level – $11,650

Major Resistance Level – $12,050

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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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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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