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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 (BTC) Hesitates But Further Recovery Above $7.2K Seem Likely

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
bitcoin price rise btc analysis

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  • Bitcoin is currently trimming gains after struggling to clear the $7,400 barrier against the US Dollar.
  • The price is likely to stay above the $7,000 and $6,950 support levels in the near term.
  • There is likely a bullish flag forming with resistance near $7,170 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • There are chances of a nice upward move if the price surges above $7,200 and $7,400.

Bitcoin price is trading below a few key resistance such as $7,400 against the US Dollar. Having said that, BTC seems to be forming a bullish continuation pattern as long as $6,950 holds.

Bitcoin Price Analysis

Yesterday, there was a decent start of an upside correction from the $6,535 low against the US Dollar. BTC climbed nicely above the $6,800 and $7,000 resistance levels.

Besides, it spiked above the $7,200 resistance area and the 100 hourly simple moving average. However, the price struggled to continue above the $7,375 and $7,400 resistance levels.

A high was formed near $7,372 and the price is currently trimming gains. Bitcoin traded below the $7,200 level and the 100 hourly simple moving average. Moreover, there was a break below the 23.6% Fib retracement level of the recent rise from the $6,535 low to $7,372 high.

On the downside, there are a few key supports near the $7,025, $7,000 and $6,950 levels. The main support for the current wave is near $6,950 since it is near the 50% Fib retracement level of the recent rise from the $6,535 low to $7,372 high.

If there is downside break and close below $6,950, the price is likely to resume its decline. The next supports are near the $6,660 and $6,540 levels. On the upside, an initial resistance is near the $7,150 level and the 100 hourly SMA.

More importantly, there is likely a bullish flag forming with resistance near $7,170 on the hourly chart of the BTC/USD pair. Therefore, an upside break above $7,200 might set the pace for more upsides and recovery.

The main resistance area is near the $7,375 and $7,400 levels. A successful close and follow through above $7,400 will most likely set the pace for a strong recovery.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is holding a couple of important supports near $6,950. As long as there is no close below $6,950, there are chances of upside continuation above $7,200 and $7,400.

Technical indicators:

Hourly MACD – The MACD is slowly moving back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Major Support Levels – $7,000 followed by $6,950.

Major Resistance Levels – $7,200, $7,375 and $7,400.

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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.

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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
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.

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