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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 Recovery Won’t Be Easy Above $10,400

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin price BTC decline

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  • Bitcoin price is following a negative angle and is trading well below $10,200 against the US Dollar.
  • The price is likely setting up for a downside break below the $10,000 support area.
  • Yesterday’s highlighted rising channel or a bearish flag is intact with support near $10,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains at a risk of a sharp decline below the $10,000 and $9,900 levels in the near term.

Bitcoin price is under a lot of pressure below $10,250 and $10,400 against the US Dollar. BTC price might decline heavily if there is a proper close below $10,000.

Bitcoin Price Analysis

After trading as high as $10,704, bitcoin started a steady decline against the US Dollar. The price broke the $10,500 and $10,400 support levels to move into a bearish zone. Moreover, there was a close below $10,400 and the 100 hourly simple moving average. The price even broke the $10,200 support recently and traded towards the $10,000 support level. A swing low was formed near $10,010 and the price is clearly following a bearish path.

On the upside, an immediate resistance is near the $10,150 level and the 100 hourly simple moving average. Moreover, the 23.6% Fib retracement level of the recent slide from the $10,704 high to $10,010 low is also near $10,175. More importantly, yesterday’s highlighted bearish trend line with resistance near $10,170 is intact on the hourly chart of the BTC/USD pair.

Above the trend line and the 100 hourly SMA, the price could recover towards the $10,400 resistance area. Additionally, the 50% Fib retracement level of the recent slide from the $10,704 high to $10,010 low is also waiting near the $10,350 level to stop an upward move. If there is a break above the $10,350 and $10,400 levels, the price could revisit the main $10,500 resistance level.

On the other hand, if there is no upside break above $10,200, the price could continue to move down. The main support on the downside is near the $10,000 level. A successful close below $10,000 might start a strong decline. The next supports are near $9,900 and $9,800, below which the price could test $9,500.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is following a bearish path below $10,200. Therefore, there are high chances of more losses below the $10,000 support. Only a close above $10,200 and a follow through above $10,350 might decrease the current bearish pressure.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

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

Major Support Levels – $10,000 followed by $9,800.

Major Resistance Levels – $10,170, $10,200 and $10,400.

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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.

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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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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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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