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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Watch: BTC Hesitates, But Further Losses Seem Likely

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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Key Points

  • Bitcoin price remains in a bearish zone below the $3,400 and $3,500 resistances against the US Dollar.
  • This week’s followed key bearish trend line is in place with resistance at $3,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains at a risk of more losses if there is no break above $3,440 and $3,500.

Bitcoin price is slowly extending losses below $3,400 against the US Dollar. BTC could accelerate losses if buyers continue to struggle near $3,440-3,500.

Bitcoin Price Analysis

During the past few hours, there were bearish moves below $3,500 in bitcoin price against the US Dollar. The BTC/USD pair recently settled below the $3,400 level and the 100 hourly simple moving average. A new intraday low was formed at $3,295 and later the price corrected a few points higher. On the upside, an initial resistance is near the 23.6% Fib retracement level of the recent slide from the $3,635 high to $3,295 low.

However, the first major resistance is near $3,420 and the 100 hourly SMA. More importantly, this week’s followed key bearish trend line is in place with resistance at $3,440 on the hourly chart of the BTC/USD pair. Above the trend line, there is a solid resistance near $3,475. It coincides with the previous highs and the 50% Fib retracement level of the recent slide. Therefore, a successful break above $3,440 and $3,475 is needed for a recovery above $3,500. On the other hand, if buyers continues to fail near $3,475 or the trend line, there could be a downside reaction.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is likely to extend losses below the $3,295 low or $3,250 if there is no break above $3,500. Further below $3,250, the price may even slide towards $3,020.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slightly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is showing a minor bullish divergence above 40.

Major Support Level – $3,295

Major Resistance Level – $3,475

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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

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