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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
technical analysis bitcoin
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Bitcoin Trend Overwhelmingly Bullish: Dips In BTC Remain Supported

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Bitcoin price traded to yet another 2019 high near $9,470 and corrected lower against the US Dollar.
  • The price is trading nicely above the $9,200, $9,150 and $9,000 support levels.
  • There is a key breakout pattern forming with support near $9,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct towards the $9,150 or $9,000 support before it starts a fresh rally.

Bitcoin price is showing a lot of bullish signs above $9,000 against the US Dollar. BTC currently traded towards $9,500 and it remains well supported for more gains this week.

Bitcoin Price Analysis

After a minor downside correction, bitcoin price found support near the $9,150 level against the US Dollar. The BTC/USD pair remained well bid and started a fresh increase. It broke the last swing high near $9,392 and traded to a new 2019 high near the $9,473 level. However, the bulls failed to gain strength above $9,500 and the price started another downside correction.

BTC traded below the $9,300 support and the 23.6% Fib retracement level of the recent wave from the $8,830 low to $9,473 high. At the moment, the price is finding support near the $9,250 level. Moreover, there is a key breakout pattern forming with support near $9,220 on the hourly chart of the BTC/USD pair. If the pair breaks the $9,220 support, it could test the $9,150 support.

The 50% Fib retracement level of the recent wave from the $8,830 low to $9,473 high is also near the $9,150 level to act as a strong support. If there are more losses, the price might test the main support near the $9,000 level. An intermediate support is $9,075 and the 61.8% Fib retracement level of the recent wave from the $8,830 low to $9,473 high.

On the upside, an initial resistance is near the $9,320 and $9,350 levels. If the price surpasses the $9,350 level, it is likely to climb back above $9,400. In the mentioned case, the price could even trade to a new 2019 high above the $9,500 level in the near term. The next major hurdles are near $9,550 and $9,650.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price seems to be struggling near $9,400 and $9,500. Therefore, there are chances of a short term downside correction below $9,250 before a fresh increase. Having said that, the price must stay above the $9,000 handle to avoid any major decline.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just near the 50 level.

Major Support Levels – $9,150 followed by $9,000.

Major Resistance Levels – $9,350, $9,400 and $9,500.

Tags: bitcoinbtc
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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