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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Technicals Suggest Bitcoin Likely To Target Fresh Monthly High Above $9,400

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin traded as high as $9,377 before starting a downside correction against the US Dollar. BTC is currently up holding the $9,200 support and it could continue to rise steadily.

  • Bitcoin is trading in a positive zone above the $9,200 and $9,180 support levels.
  • The price is likely to resume its upward move above the $9,300 and $9,320 levels.
  • There is a key bullish trend line forming with support near $9,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The bulls are likely to aim a fresh monthly high above the $9,400 level in the coming sessions.

Bitcoin Price Could Test $9,500

Yesterday, there was a decent upward move in bitcoin above the $9,200 resistance against the US Dollar. BTC even surged above the $9,300 level and the 100 hourly simple moving average.

A high was formed near $9,377 before the price started a downside correction. The price declined below the $9,320 and $9,300 support levels. However, it remained well bid above the $9,200 level and the 100 hourly SMA.

A low is formed near $9,205 and the price is currently rising. It broke the 23.6% Fib retracement level of the recent downside correction from the $9,377 high to $9,205 low. On the upside, the $9,300 level is once again acting as a resistance for the bulls.

Bitcoin

Bitcoin price holding $9,200: Source: TradingView.com

The 50% Fib retracement level of the recent downside correction from the $9,377 high to $9,205 low is also preventing more gains. It seems like there is a key bullish trend line forming with support near $9,250 on the hourly chart of the BTC/USD pair.

If the pair continues higher above the $9,300 and $9,320 levels, it is likely to break the $9,377 high and target a new high. The next immediate resistance is near $9,400, above which the bulls are likely to aim a test of the $9,500 level in the near term.

Bearish Reaction in BTC

On the downside, the trend line support is a major buy zone, followed by the $9,200 support zone. If the price fails to stay above $9,200, it could test the 100 hourly SMA.

Any further losses below the 100 hourly SMA or the $9,150 level could push the price back towards the $9,000 support level in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently rising towards the 60 level.

Major Support Levels – $9,250, followed by $9,200.

Major Resistance Levels – $9,320, $9,400 and $9,500.

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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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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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