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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
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Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

Bitcoin Price Watch: BTC/USD Could Extend Correction Below $4,100

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

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price struggled to break the $4,400-4,440 resistance and declined against the US Dollar.
  • There was a break below yesterday’s bullish trend line with support at $4,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently at a risk of more losses below the $4,100 and $4,080 support levels.

Bitcoin price formed a short term top near the $4,440 level and declined against the US Dollar. BTC/USD is likely to correct lower towards the $4,000 support in the near term.

Bitcoin Price Analysis

Yesterday, there was an upside extension above the $4,300 and $4,350 levels in bitcoin price against the US Dollar. The BTC/USD pair even broke the $4,400 high and traded to a new weekly high at $4,437. Later, there was downside correction and the price declined below the $4,300 and $4,250 support levels. The price even broke the 23.6% Fib retracement level of the last leg from the $3,560 swing low to $4,437 high.

More importantly, there was a break below yesterday’s bullish trend line with support at $4,220 on the hourly chart of the BTC/USD pair. The pair traded below the $4,200 level and it is currently trading near $4,150. An immediate support is near the $4,080 level, which was a resistance earlier. Below $4,080, the price could test the $4,000 support area. The 50% Fib retracement level of the last leg from the $3,560 swing low to $4,437 high is also near $4,000. Finally, the 100 hourly simple moving average is near the $3,980 level to act as a solid support. Below the 100 hourly SMA, the price could move back in a bearish zone below $3,800.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is currently at a risk of more losses towards the $4,080 and $4,000 supports. On the upside, resistances are at $4,300 and $4,400.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is now back in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently below the 50 level.

Major Support Level – $4,000

Major Resistance Level – $4,300

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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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