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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin (BTC) Price Watch: Important Reversal Signs Emerge

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

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  • Bitcoin price made a few swing moves above the $3,800 and $3,830 supports against the US Dollar.
  • The price managed to settle above the $3,850 level and the 100 hourly simple moving average.
  • This week’s major bearish trend line with resistance at $3,845 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair tested the $3,870 level and it is currently consolidating, with positive signs.

Bitcoin price climbed above key resistance levels against the US Dollar. BTC is trading with a bullish angle and it could rise above $3,900 and $3,940 in the coming sessions.

Bitcoin Price Analysis

The past three sessions were very volatile, with swing moves in bitcoin price above $3,800 against the US Dollar. The BTC/USD pair formed a large candle, taking out both short and long positions below the $3,900 resistance. The last swing low was formed at $3,832 before the price climbed higher. Buyers managed to push the price above the $3,850 resistance and the 100 hourly simple moving average.

More importantly, this week’s major bearish trend line with resistance at $3,845 was breached on the hourly chart of the BTC/USD pair. The pair failed to gain momentum after the break, but it settled above the trend line and $3,850, which is a positive sign. The price traded as high as $3,872 and it is currently correcting lower. It broke the $3,860 support and the 23.6% Fib retracement level of the recent wave from the $3,832 low to $3,872 high. However, there are many supports on the downside near $3,850 and the 100 hourly SMA.

The 50% Fib retracement level of the recent wave from the $3,832 low to $3,872 high is also near $3,850. Besides, there is a connecting bullish trend line formed near $3,845 on the same chart. Therefore, there are chances of bullish moves as long as the price is above $3,845. On the upside, the price could break the $3,875 level and test $3,900. If buyers clear the $3,900 resistance, the price may rise towards the $4,000 barrier.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading in a positive zone above $3,850. The current technical structure suggests more upsides above $3,875 and $3,900 in the coming sessions. On the other hand, a downside break below $3,850 and $3,840 may negate the current bullish bias. The next key supports are near $3,825 and $3,800.

Technical indicators:

Hourly MACD – The MACD is moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level, with a bullish angle.

Major Support Levels – $3,840 followed by $3,825.

Major Resistance Levels – $3,875, $3,880 and $3,900.

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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

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