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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price (BTC) Primed To Climb Further Above $10,200

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

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  • Bitcoin price stayed above the $9,600 support level and climbed higher against the US Dollar.
  • The price broke the $10,000 resistance and it is now testing the key $10,200 resistance.
  • There was a break above a major contracting triangle with resistance near $9,910 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to continue higher once there is a successful close above the $10,200 resistance.

Bitcoin price is gaining momentum above the $10,000 level against the US Dollar. BTC price could accelerate upsides once it clears the $10,200 resistance area.

Bitcoin Price Analysis

Yesterday, we saw fresh bearish wave in bitcoin price from the $10,200 resistance against the US Dollar. The BTC/USD pair dipped below the $9,800 support level and the 100 hourly simple moving average. Moreover, the price traded below the $9,700 level, but the $9,625 level acted as a support. It seems like the price stayed above $9,600 and a bullish trend line protected declines.

A swing low was formed near $9,627 and the price started a fresh increase. There was a break above the $9,800 and $10,000 resistance levels. Furthermore, the price settled above the $10,000 resistance and the 100 hourly simple moving average. More importantly, there was a break above a major contracting triangle with resistance near $9,910 on the hourly chart of the BTC/USD pair.

The pair ran into the key $10,200 resistance and it is currently consolidating gains. An immediate support is near the $10,080 level. The 23.6% Fib retracement level of the recent wave from the $9,627 low to $10,212 high is also near the same level. If there are more losses, the price could test the $10,000 support level. The next support is near the 50% Fib retracement level of the recent wave from the $9,627 low to $10,212 high at $9,920.

On the upside, the $10,200 area is a crucial hurdle. If there is an upside break above $10,200, the price could accelerate higher in the coming sessions. The next important resistance is near the $10,400 level, above which there are chances of more gains towards the $10,800 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is facing a strong resistance near $10,200. If there is another failure near $10,200, the price could form double top and decline heavily. Conversely, a successful close above the $10,200 resistance might start a strong increase towards $10,400 and $10,800.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.

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

Major Support Levels – $10,080 followed by $10,000.

Major Resistance Levels – $10,200, $10,400 and $10,800.

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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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How Our News is Made

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

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