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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 Price (BTC) Hits $13K: Dips Remain Attractive To The Bulls

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

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  • There was an upside extension above the $12,800 and $13,000 resistances in bitcoin price against the US Dollar.
  • The price even traded close the second bullish target of $13,200 (as discussed yesterday).
  • There is a major bullish trend line forming with support near $12,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • Dips remain supported if there is a downside correction towards the $12,700 or $12,500 level.

Bitcoin price climbed further higher and broke the key $13,000 resistance against the US Dollar. BTC is currently consolidating gains and it is likely to continue higher.

Bitcoin Price Analysis

Yesterday, we saw a solid upward move in bitcoin price above the $12,000 and $12,200 resistances against the US Dollar. Later, the BTC/USD pair corrected lower from the $12,800 resistance area. It traded below the $12,500 level and tested the $12,200 support area. The bulls remained in action and the price remained supported above $12,000. Moreover, there was no close below $12,000 and the 100 hourly simple moving average.

As a result, there was a fresh increase above the $12,500 resistance level. The price gained bullish momentum and broke the $13,000 level (target discussed in yesterday’s analysis). Besides, it traded close to the second bullish target of $13,200. A new weekly high was formed at $13,152 and bitcoin price is currently correcting gains. It is trading near the $12,900 level plus the 23.6% Fib retracement level of the recent wave from the $12,147 low to $13,152 high.

On the downside, there are many supports near the $12,800 and $12,600 levels. Moreover, there is a major bullish trend line forming with support near $12,700 on the hourly chart of the BTC/USD pair. The 50% Fib retracement level of the recent wave from the $12,147 low to $13,152 high is also near the $12,650 level to act as a strong support.

If there is a downside break below the $12,600 and $12,500 support levels, the price could revisit the $12,200 support area. On the upside, an initial resistance is near the $13,200 level, above which there are chances of a push towards the $13,500 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price seems to be preparing for more upsides above the $13,200 level. In the short term, there could be a downside correction, but the bulls are likely to defend the $12,800 or $12,600 support area in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is currently gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level, with positive signs.

Major Support Levels – $12,800 followed by $12,600.

Major Resistance Levels – $13,150, $13,200 and $13,500.

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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.

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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