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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Weekly Analysis –Can Double Bottom Push/USD Higher?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin price

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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 declined sharply this past week, as it traded lower not only against the USD but also vs the ETH.
  • There was a downside move towards the $435 support level, which prevented further losses.
  • There is likely a double bottom pattern formed on the hourly chart (data feed from Bitstamp) of BTC/USD, which may push the price higher.

Bitcoin price traded down this past week vs the US dollar, but is looks like BTC/USD is now forming a bullish pattern, which may push it higher.

Bitcoin Price – Recovery Likely?

Bitcoin price managed to recover after trading as low as $435 vs the US dollar. The price is currently trading near a bearish trend line formed on the hourly chart (data feed from Bitstamp) of BTC/USD, which is acting as a resistance area. However, the most important point for the BTC/USD buyers is the fact that there is a bullish pattern creating in the form of a double bottom pattern on the hourly chart.

If the highlighted double bottom pattern on the hourly chart is true, then there is a chance of BTC moving higher in the near term. The price is currently trading near the 38.2% Fib retracement level of the last drop from the $456 high to $435 low. So, if the BTC bulls manage to break the trend line and the 38.2% Fib level, then there is a possibility of a move towards the 61.8% Fib retracement level of the last drop from the $456 high to $435 low.

Bitcoin Price Weekly Analysis

If you are looking to buy BTC/USD, then you can consider buying in the short term with a target of 100 hourly simple moving average and a stop of not more than a point.

Looking at the technical indicators:

Hourly MACD – The MACD is in the bullish slope, which is a positive sign.

Hourly RSI (Relative Strength Index) – The RSI is above the 50 level, calling for more gains in the near term.

Major Support Level – $440

Major Resistance Level – $445

 

Charts from Bitstamp; hosted by Trading View

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

Ad discliamer

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