This Technical Breakout Suggests Bitcoin Is Gearing For Another Lift-Off

Aayush Jindal

4 years ago

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin started a fresh increase from the $10,140 swing low against the US Dollar. BTC broke the $10,550 resistance and it seems like the bulls are aiming a clear break above $11,000.

Bitcoin stayed above the $10,000 support and started a decent recovery wave.
The price is currently trading well above the $10,550 resistance and the 100 simple moving average (4-hours).
There was a break above a key bearish trend line with resistance near $10,600 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher if there is a clear break above the $10,800 resistance.

Bitcoin Turns Green

This past week, bitcoin found support above the $10,100 level against the US Dollar. BTC remained well bid above the $10,200 level and recently started a steady recovery wave.

There was a break above the $10,350 and $10,400 levels. The main technical breakout was near the $10,550 resistance zone and the 100 simple moving average (4-hours). Moreover, there was a break above a key bearish trend line with resistance near $10,600 on the 4-hours chart of the BTC/USD pair.

Bitcoin climbed above the 50% Fib retracement level of the downward move from the $11,192 high to $10,140 swing low. It has opened the doors for more gains above the $10,700 level.

Bitcoin price breaks $10,700. Source: TradingView.com

The price is now struggling to clear a key resistance zone near $10,800. It is close to the 61.8% Fib retracement level of the downward move from the $11,192 high to $10,140 swing low. A successful break and close above the $10,800 resistance could open the doors for more gains above the $11,000 resistance.

The next major resistance is near the $11,200 level, above which the bulls are likely to aim a larger increase towards the $11,500 level in the near term.

Dips Supported in BTC?

If bitcoin struggles to climb above the $10,800 resistance or the $11,000 barrier, it might correct lower. An initial support is near the $10,650 level.

The main support on the downside is near the $10,550 level and the 100 simple moving average (4-hours). A close below the $10,550 and $10,500 support levels may perhaps clear the path for a sustained decline.

Technical indicators

4 hours MACD – The MACD for BTC/USD is showing positive signs in the bullish zone.

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

Major Support Level – $10,550

Major Resistance Level – $10,800

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.

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.

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.