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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 Watch: BTC’s Trend Overwhelmingly Bearish Below $3,600

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

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  • Bitcoin price failed to break the $3,750 resistance and declined sharply against the US Dollar.
  • There was a break below a crucial bullish trend line with support at $3,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently recovery, but it likely to face a strong selling interest near $3,560 and $3,600.

Bitcoin price fell significantly below the $3,600 support against the US Dollar. BTC is currently trading in a downtrend and it could resume its decline if it fails to surpass $3,600.

Bitcoin Price Analysis

This past week, there was a slow and steady rise above the $3,600 level in bitcoin price against the US Dollar. The BTC/USD pair even broke the $3,700 resistance level. However, it seems like buyers failed to gain strength above the $3,750 level. As a result, there was a strong downward move and the price declined below $3,700 and $3,600. The decline was such that the price settled below the $3,600 support and the 100 hourly simple moving average.

More importantly, there was a break below a crucial bullish trend line with support at $3,620 on the hourly chart of the BTC/USD pair. Sellers pushed the price below the key $3,550 support, opening the doors for more losses. A low was formed at $3,470 and the price is currently correcting higher. It moved above the $3,520 level and the 23.6% Fib retracement level of the recent decline from the $3,729 high to $3,470 low. However, the previous support at $3,550 is now acting as a strong resistance. If there is a break above $3,550, the price could face sellers near $3,600. It represents the 50% Fib retracement level of the recent decline from the $3,729 high to $3,470 low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price has moved into a bearish zone below $3,600. As long as sellers remain in control below $3,600 and $3,550, there is a risk of more losses below $3,500 and $3,400.

Technical indicators

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering toward the 40 level, with a positive angle.

Major Support Level – $3,480

Major Resistance Level – $3,600

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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

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Created by industry experts and meticulously reviewed
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How Our News is Made

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