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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Could Recover Significantly And Only 1 Thing Is Holding It Back

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Bitcoin is slowly moving higher and trading above the $9,100 level against the US Dollar. BTC could start a strong upward move if it clears the $9,300 and $9,340 resistance levels.

  • Bitcoin is showing a few positive signs above the $9,000 and $9,100 levels.
  • The price is trading above the 100 hourly simple moving average, but it is still well below $9,300.
  • There was a break above a crucial bearish trend line with resistance near $9,170 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is lacking bullish momentum and it could dive again unless it breaks the $9,300 resistance.

Bitcoin Price is Showing Recovery Signs

Yesterday, bitcoin started a decent recovery wave from the $8,813 swing low against the US Dollar. BTC climbed above the $9,000 pivot level to move into a short term positive zone.

The recovery wave such that the price was able to settle above $9,100 and the 100 hourly simple moving average. Moreover, there was a break above a crucial bearish trend line with resistance near $9,170 on the hourly chart of the BTC/USD pair.

However, the price is lacking momentum above the $9,200 resistance level. It is currently consolidating near the broken trend line at $9,170. An initial support is near the 23.6% Fib retracement level of the upward move from the $8,813 low to $9,226 high.

Bitcoin Price

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

The main support is now forming near the $9,000 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $8,813 low to $9,226 high.

On the upside, the price must surpass the main $9,300 and $9,340 resistance levels to move into a positive zone. If the bulls succeed, there could be a sharp upward move towards the $9,500 and $9,550 resistance levels.

Bearish Reaction in BTC?

If bitcoin struggles to continue higher above $9,200 or $9,300, there is a risk of a bearish reaction. On the downside, the $9,000 support and the 100 hourly SMA hold the key.

A successful close below the $9,000 support level could negate the chances of an upside break. In the stated case, the price will most likely resume its decline towards $8,800 or even $8,650 in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is struggling to gain pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 50 level.

Major Support Levels – $9,100, followed by $9,000.

Major Resistance Levels – $9,220, $9,300 and $9,340.

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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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