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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) Price Flirts With Key Resistance After Recent Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price climbed higher sharply above $10,200 and gained around 5% against the US Dollar.
  • The price is clearly struggling to gain strength above the key $10,500 resistance area.
  • There was a break above a key bearish trend line with resistance near $10,270 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is correcting gains and it is testing the broken trend line and the $10,250 support.

Bitcoin price is showing signs of a decent recovery above $10,200 against the US Dollar. However, BTC is still trading well below the main $10,500 resistance area.

Bitcoin Price Analysis

After forming a decent support near $9,900, BTC started an upside correction against the US Dollar. The price traded above the $10,000 and $10,200 resistance levels to move into a short term positive zone. Moreover, there was a break above the $10,300 level and the 100 hourly simple moving average. However, the price struggled to gain momentum above the key $10,500 resistance level (as discussed in the weekly forecast).

During the rise, there was a break above a key bearish trend line with resistance near $10,270 on the hourly chart of the BTC/USD pair. Bitcoin spiked towards the $10,700 level and formed a swing high near $10,697. At the moment, the price is correcting lower and is trading well below $10,500. It broke the $10,400 level and tested the 50% Fib retracement level of the recent rise from the $9,914 low to $10,697 high.

It seems like the $10,250 level and the broken trend line is acting as a support. The next key support is near the $10,200 level. It represents the 61.8% Fib retracement level of the recent rise from the $9,914 low to $10,697 high. The main support is near the $10,100 level and the 100 hourly simple moving average. If the price fails to recover again, there could be a fresh decline towards the $10,000 and $9,900 levels.

On the upside, the price must settle above $10,500 to gain bullish momentum. In the mentioned case, the next stop for the bulls could be $10,700 and $10,800. However, if the price accelerates above $10,500, it could aim to test the $11,000 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly struggling near the $10,500 resistance. Therefore, if there is a downside break below the $10,200 support, the price is likely to revisit the $9,900 and $9,800 support levels.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

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

Major Support Levels – $10,250 followed by $10,000.

Major Resistance Levels – $10,400, $10,500 and $10,680.

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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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