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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 Retreats From $14K, Dips Remain Attractive

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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  • There were continuing gains in bitcoin price above the $13,000 resistance against the US Dollar.
  • The price traded close to the $14,000 level and later started a sharp bearish correction.
  • There is a key breakout pattern forming with resistance near $12,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to remain supported and it could climb higher once again above the $13,000 barrier.

Bitcoin price is trading nicely above the $11,500 and $12,200 support levels against the US Dollar. BTC price is currently consolidating and seems to be preparing for the next break.

Bitcoin Price Analysis

Yesterday, there was a sharp increase in bitcoin above the $12,000 target against the US Dollar. The BTC/USD pair even broke the key $13,000 barrier and settled well above the 100 hourly simple moving average. Finally, there was a solid run towards the $14,000 level. A new 2019 high was formed near $13,857 before the price started a short term bearish correction.

There was a sharp dip in bitcoin below the $13,000 and $12,400 support levels. Moreover, there was a break below the $12,000 pivot level and the price traded close to the 100 hourly simple moving average. However, the $11,550 level acted as a strong support. Besides, the price stayed nicely above a major bullish trend line with support at $11,850 on the hourly chart.

BTC is currently correcting higher and is trading above $12,250. It settled above the $12,000 pivot level and traded above the 50% Fib retracement level of the last decline from the $13,857 swing high to $11,539 low. There was a spike above the $13,000 level, but the $13,300 level acted as a resistance. Moreover, the 76.4% Fib retracement level of the last decline from the $13,857 swing high to $11,539 low acted as a hurdle.

At the outset, there is a key breakout pattern forming with resistance near $12,950 on the hourly chart of the BTC/USD pair. If there is an upside break, the price might start a fresh increase towards $13,000 and $14,000 in the near term. If not, there is a risk of another drop towards the $12,000 or $11,850 support before a fresh increase.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly correcting recent gains and is trading above the $12,000 pivot level. As long as there is no daily close below $11,500, the price remains well supported for more gains.

Technical indicators:

Hourly MACD – The MACD is currently losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just below the 50 level, with a bearish angle.

Major Support Levels – $12,200 followed by $12,000.

Major Resistance Levels – $13,000, $13,300 and $13,800.

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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

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Created by industry experts and meticulously reviewed
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