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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 Nosedives: Is This The Start Of Major Correction?

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

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  • Bitcoin price spiked above the $8,950 and $9,000 levels, but failed to hold gains against the US Dollar.
  • The price declined heavily and traded below the $8,720 and $8,440 support levels.
  • There was a break below a crucial bullish trend line with support at $8,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently trading in a bearish zone below the $8,300 level and it could continue lower.

Bitcoin price failed near the $9,000 level and declined sharply against the US Dollar. BTC is currently trading in a bearish zone, with a risk of a drop towards the $7,880 support.

Bitcoin Price Analysis

Yesterday, there was an upside extension in bitcoin price above $8,800 against the US Dollar. The BTC/USD pair spiked above the $8,950 and $9,000 levels, but failed to hold gains. As a result, there was a major bearish reaction below the $8,800 level. The price declined heavily below the $8,600 support level and the 100 hourly simple moving average. Moreover, there was a clear break below the 50% Fib retracement level of the upward move from the $7,897 low to $8,960 swing high.

More importantly, there was a break below a crucial bullish trend line with support at $8,560 on the hourly chart of the BTC/USD pair. The pair is currently trading below the $8,200 level and recently tested the 76.4% Fib retracement level of the upward move from the $7,897 low to $8,960 swing high. If there is an upside correction, an initial resistance could be near the $8,400 level. The main resistance might be $8,440, above which the price could revisit the $8,700 level.

On the downside, an immediate support is at $8,000. If there is break below $8,000, the price could retest the $7,880 support area. If there are more losses, the next target for the bulls might be $7,646. It represents the 1.236 Fib extension level of the upward move from the $7,897 low to $8,960 swing high. The current price action is bearish and there is a risk of more losses below $8,000.

Bitcoin Price Analysis BTC Analysis

Looking at the chart, bitcoin price clearly started a major downside correction below $8,500. There could be range moves in the short term, but the price is likely to extend downsides below $8,100. Once the current correction is complete near $7,880 or $7,646, the price is likely to bounce back.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its bearish slope, with no major positive sign.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD declined heavily and it is currently flat in the oversold zone.

Major Support Levels – $8,000 followed by $7,880.

Major Resistance Levels – $8,300, $8,440 and $8,500.

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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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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
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