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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Topside Bias Vulnerable Unless It Surges Past 100 SMA

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin is struggling to gain bullish momentum above $11,300 against the US Dollar. BTC could extend its decline unless it surges past the 100 hourly SMA.

  • Bitcoin is facing a strong resistance near the $11,300 and $11,400 levels.
  • The price is now trading well below the $11,400 level and the 100 hourly simple moving average.
  • There is a short-term declining channel forming with resistance near $11,230 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to remain well bid near the $11,000 and $10,840 levels in the near term.

Bitcoin Price is Facing Hurdles

In the past few sessions, bitcoin price struggled to gain bullish momentum above the $11,300 and $11,400 levels against the US Dollar. The last swing high was near $11,374 before BTC started a steady decline.

It traded below the $11,200 level and settled well below the 100 hourly simple moving average. The recent low was near $11,035 and the price is currently correcting higher. It surpassed the 23.6% Fib retracement level of the recent decline from the $11,374 high to $11,035 swing low.

The price is currently facing hurdles near the $11,200 level. There is a short-term declining channel forming with resistance near $11,230 on the hourly chart of the BTC/USD pair.

Bitcoin

Bitcoin price trades above $11,200. Source: TradingView.com

Above the channel resistance, the $11,250 is a key hurdle. The 50% Fib retracement level of the recent decline from the $11,374 high to $11,035 swing low is also near the $11,250 level to act as a hurdle. The main hurdle is still near the $11,350 and $11,400 levels.

A successful close above the $11,400 level is needed for a fresh increase since it is close to the 100 hourly simple moving average. In the mentioned case, the price could rally towards the $11,600 and $11,800 levels.

Downside Break in BTC?

If bitcoin fails to clear the channel resistance or the 100 hourly SMA, there is a risk of a sharp decline below the $11,000 support level.

A clear break below the $11,000 support level could lead the price towards the $10,850 support zone. The next major support is near the $10,550 level, where the bulls are likely to take a stand.

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 50 level.

Major Support Levels – $11,000, followed by $10,850.

Major Resistance Levels – $11,250, $11,350 and $11,400.

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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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