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Breaking News: Bitcoin Correction Timeline: Analyst Predicts Potential Bottom In October 2026

Bitcoin Price Weekly Analysis – Triple Top Formation?

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 7:40 am
2 mins read
Bitcoin Price Weekly Analysis Triple Top Formation. newsbtc bitcoin news

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Key Highlights

  • Bitcoin’s price traded higher this past week, but it looks like it is finding offers once again near ¥2490-2500.
  • There is a chance of a triple top pattern on the hourly chart (price feed from Huobi), which may ignite a short-term downside move.
  • The price looks in an uptrend, as there is an ascending channel formed on the daily time frame chart (data feed from BTCChina).

Bitcoin’s price is facing a tough barrier near the last high of ¥2490-2500, so it would be interesting to see whether it can manage to break it or not moving ahead.

Short-term Correction?

Bitcoin Price Weekly Analysis

There was a decent ride towards the upside in Bitcoin’s price, as it moved above the 100 hourly simple moving average (data feed from Huobi). However, the price is currently trading near the last swing high of ¥2490-2500, which is acting as a major hurdle for buyers. If the price fails to move higher above the stated level, there’s a chance of a triple top pattern.

On the downside, an initial support is around the 38.2% Fibonacci retracement level of the last leg from the ¥2230 low to the ¥2498 high. However, the most important one is around the 61.8% Fibonacci level, as the 100 hourly simple moving average is also aligned with it.

Bitcoin Price Weekly Analysis

Looking at the daily time-frame chart via the data feed provided by BTCChina, it is quite clear that the price is in an uptrend. There is an ascending channel pattern formed, which may take the price higher towards ¥2550-60 where there is a possibility of sellers taking a stand.

Looking at the indicators:

Daily MACD – The MACD is in the bullish zone, pointing towards more upsides in the price.

Daily RSI (Relative Strength Index) – The Daily RSI is above the 50 level, which is a positive sign for buyers.

Intraday Support Level – ¥2400

Intraday Resistance Level – ¥2500

 

Charts from BTCChina and Huobi; 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.

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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Comments 1

  1. Brony Pony says:
    10 years ago

    The last time we seen formations like this was early 2013, and we all know what happened by the end of 2013,, so expect an interesting year for Bitcoin in 2016.

    Reply

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Comments 1

  1. Brony Pony says:
    10 years ago

    The last time we seen formations like this was early 2013, and we all know what happened by the end of 2013,, so expect an interesting year for Bitcoin in 2016.

    Reply

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