TA: Bitcoin Correcting Gains, Why $15.3K Could Trigger Next Wave

Aayush Jindal

1 year ago

2 mins read

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price rallied over 10% and it even traded close to $16,000 against the US Dollar. BTC is currently correcting lower, but the bulls are likely to protect $15,300 or $15,150.

Bitcoin started a strong rally and it broke the $15,500 resistance zone.
The price traded to a new 2020 high at $15,974 and it is well above the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $15,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower, but the $15,300 and $15,200 levels are likely to prevent heavy losses.

Bitcoin Price Rallies Close to $16K

There was a strong upward move in bitcoin price after it settled above the $14,000 resistance. BTC surged more than 10% and it broke many hurdles near $15,000. There was also a close above the $15,500 level and the 100 hourly simple moving average.

The price traded to a new 2020 high at $15,974 and it is currently correcting lower. There was a break below the $15,800 level, plus the price traded below the 23.6% Fib retracement level of the recent rally from the $14,657 swing low to $15,974 high.

On the downside, there are many important supports near $15,400 and $15,300. There is also a major bullish trend line forming with support near $15,300 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the recent rally from the $14,657 swing low to $15,974 high. As long as bitcoin price is trading above the trend line support, it could start a fresh upward move. An initial resistance is near the $15,800 level.

The first major resistance is near the $15,920 level, above which the price is likely to surge past the $16,000 barrier in the coming sessions in the near term.

Dips Supported in BTC?

If bitcoin extends its downside correction, it could find bids near the $15,400 and $15,350 level. The first major support on the downside is near the trend line at $15,300.

A downside break below the trend line support could push the price towards the $15,150 support or even towards the $15,000 handle.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting lower from the overbought zone.

Major Support Levels – $15,400, followed by $15,300.

Major Resistance Levels – $15,800, $15,920 and $16,000.

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.

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.

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.