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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Technical Analysis – BTC/USD Short-term Bearish

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Price Technical Analysis BTC USD

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Key Points

  • Bitcoin price is struggling to move above $4200 against the US Dollar and heading lower.
  • The BTC/USD pair is currently attempting a downside break below a contracting triangle at $4030 on the hourly chart (data feed from SimpleFX).
  • A close below $4000 could result in more declines towards $3800 in the short term.

Bitcoin price is under short-term bearish pressure below $4100 against the US Dollar, and BTC/USD must hold $4000 to avoid more declines.

Bitcoin Price Support

There was a minor slide in Bitcoin price below $4200 against the US Dollar. The price made a downside move and traded below $4150 and the 100 hourly simple moving average. A close below $4200 and the 100 hourly SMA is a short-term bearish sign. The price recently traded towards the 38.2% Fib retracement level of the last decline from the $4475 high to $3935 low. However, it failed to stay above the $4200 level and the 100 hourly SMA.

As a result, it declined below $4150 and currently trading below $4000. The BTC/USD pair is currently attempting a downside break below a contracting triangle at $4030 on the hourly chart. It is another bearish signal, and if there is a close below $4000, it may result in more declines towards $3800. On the downside, the next major support sits at $3800. Below $3800, there can be a change in trend for BTC towards $3500.

Bitcoin Price Technical Analysis BTC USD

On the upside, the broken support at $4080 is a short term resistance. The most important resistance for buyers is near $4200 and the 100 hourly simple moving average. Playing out range moves in the short term below $4200 can be considered.

Looking at the technical indicators:

Hourly MACD – The MACD is moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is heading lower and remains well below the 50 level.

Major Support Level – $4000

Major Resistance Level – $4200

 

Charts courtesy – SimpleFX

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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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