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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Price Watch: Weekend Rally And Possible Run To $4,200

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

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  • Bitcoin price gained traction and broke the $3,850 and $3,900 resistance levels against the US Dollar.
  • The price rallied recently and even climbed above $4,000 before correcting lower.
  • There is a major bullish trend line formed with support at $3,940 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains supported on dips and it could bounce back above $4,000 and $4,050.

Bitcoin price rallied recently above the $4,000 level against the US Dollar. BTC corrected lower, but it remains supported and it may continue to grind higher in the near term.

Bitcoin Price Analysis

In the past few days, we saw a solid selling interest below $3,900 for bitcoin price against the US Dollar. The BTC/USD pair struggled to break the $3,900 resistance on many occasions. There were even a few swing moves below the $3,850 level. However, the price remained well bid and later it managed to climb above the $3,850 and $3,900 resistance levels. The price even cleared the $4,000 resistance level and settled well above the 100 hourly simple moving average.

A new weekly high was formed at $4,042 and later the price corrected lower. It traded below the $4,000 support and the 23.6% Fib retracement level of the recent wave from the $3,886 low to $4,042 high. However, there are many supports on the downside near $3,950 and $3,920. Moreover, the 50% Fib retracement level of the recent wave from the $3,886 low to $4,042 high also acted as a support. On the downside, there is a major bullish trend line formed with support at $3,940 on the hourly chart of the BTC/USD pair.

The trend line coincides with the 61.8% Fib retracement level of the recent wave from the $3,886 low to $4,042 high. Therefore, there could be a strong buying interest near the $3,940 level. On the upside, an initial resistance is near the $4,000 level. The next resistance is near the $4,040-4,050 zone, above which the price is likely to accelerate higher. The next main resistance is at $4,120, where sellers may emerge.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price clearly gained a lot of traction after it broke the $3,900 resistance. It is currently correcting lower, but dips remain well supported near $3,940. Therefore, there are high chances of a fresh rally in the coming sessions above the $4,000 and $4,040 resistance levels.

Technical indicators:

Hourly MACD – The MACD is currently moving slowly in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD corrected lower from the overbought levels and tested the 60 level.

Major Support Levels – $3,950 followed by $3,940.

Major Resistance Levels – $4,000, $4,040 and $4,120.

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

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