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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Price Trend Overwhelmingly Bullish & Dips Remain Attractive

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

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  • Bitcoin price started a downside correction after trading as high as $5,641 against the US Dollar.
  • The price tested the $5,500 support area and recently bounced back above $5,580.
  • There is a key bullish continuation pattern in place with resistance near $5,595 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains well supported on the downside and it could climb to a new 2019 high above $5,641.

Bitcoin price remains in a strong uptrend above $5,400 against the US Dollar. BTC is moving higher once again and it is likely to accelerate above the $5,650 and $5,700 levels.

Bitcoin Price Analysis

Yesterday, we saw a solid rise in bitcoin price above the $5,400 and $5,500 resistances against the US Dollar. The BTC/USD pair even broke the $5,600 level and settled above the 100 hourly simple moving average. The price traded to a new 2019 high at $5,641 and later started a downside correction. It broke the $5,600 level and the 23.6% Fib retracement level of the last wave from the $5,361 low to $5,641 high.

However, the price found a strong support near the $5,500 level. The 50% Fib retracement level of the last wave from the $5,361 low to $5,641 high also acted as a support. Moreover, yesterday’s bullish trend line with current support at $5,420 is intact on the hourly chart of the BTC/USD pair. Besides, there is a key bullish continuation pattern in place with resistance near $5,595 on the same chart. If there is an upside break above the triangle and $5,600, the price is likely retest the $5,640 level.

The current price action is positive and it seems like the price could even surge above $5,650. The next stop for the bulls could be $5,700 or $5,720. On the downside, an initial support is near the $5,520 level. If there is a downside break below the triangle, the price could test the $5,460 support. It represents the 61.8% Fib retracement level of the last wave from the $5,361 low to $5,641 high.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly trading in a strong bullish trend above $5,460 and $5,500. There are high chances of a break above the $5,650 level. It will most likely open the gates for another run towards the $5,800 or $6,000 level in the coming sessions. Conversely, a close below $5,400 may negate the current bullish view.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD jumped back above the 50 level and it is currently above 60.

Major Support Levels – $5,520 followed by $5,460.

Major Resistance Levels – $5,600, $5,640 and $5,700.

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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
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