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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 Hesitates But Further Gains Seem Likely

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

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  • Bitcoin price formed a strong support near the $3,940 level and climbed higher against the US Dollar.
  • The price managed to clear the $3,965 and $3,980 resistance levels to move into a positive zone.
  • Yesterday’s highlighted key bearish trend line was breached with resistance at $3,970 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The current price action is positive, but buyers need to gain strength above the $4,000 resistance.

Bitcoin price started a slow and steady rise against the US Dollar. BTC is showing positive signs and it seems like there could be an upside extension above the $4,000 and $4,040 levels.

Bitcoin Price Analysis

Recently, we saw a downside correction in bitcoin price below the $4,000 support against the US Dollar. The BTC/USD pair declined below the $3,980 and $3,960 levels. However, the $3,940 level acted as a strong support along with the 100 hourly simple moving average. Later, a solid support base was formed above $3,940 and the price slowly moved higher. It broke the $3,960 resistance and the 50% Fib retracement level of the last slide from the $4,041 high to $3,935 swing low.

More importantly, yesterday’s highlighted key bearish trend line was breached with resistance at $3,970 on the hourly chart of the BTC/USD pair. The pair climbed above the $3,980 level to move into a positive zone. It traded above the $4,000 level and formed a high at $4,017 before correcting lower. There was a push below the 50% Fib retracement level of the last wave from the $3,836 low to $4,014 high. However, the price seems to be following an ascending channel with support at $3,965.

Besides, the 61.8% Fib retracement level of the last wave from the $3,836 low to $4,014 high is also near $3,965. Finally, the 100 hourly SMA is also positioned near the $3,960 support area. Therefore, the price could climb higher as long as it is above $3,960. An initial resistance is at $4,020, above which the price may test the $4,040 resistance.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is slowly gaining bullish momentum above the $3,980 level. However, BTC buyers need to gain strength above $4,020 and $4,040 to sustain the recent trend. Conversely, if there is a downside break below $3,960, the price could decline towards the 3,940 support. Any further losses might call for a sharp dip towards the $3,875 support in the near term.

Technical indicators:

Hourly MACD – The MACD is about to move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD moved above the 50 level and it is moving higher towards 60.

Major Support Levels – $3,960 followed by $3,940.

Major Resistance Levels – $4,000, $4,020 and $4,040.

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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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