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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Bitcoin Takes Back Seat After Massive Rally, Why BTC Could Restart Surge

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price surged above $32,000 and traded to a new all-time high near $34,780 against the US Dollar. BTC is currently correcting lower and it might even test $31,500.

  • Bitcoin is showing a lot of positive signs above the $30,000 and $31,500 levels.
  • The price is correcting gains, but it remains well supported above $31,500 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $31,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start an extended downside correction if it breaks the $32,500 support zone.

Bitcoin Price Correcting Gains

There was a sharp increase in bitcoin price above the $32,500 resistance zone. BTC broke the $33,500 and $34,000 levels to continue higher. The bulls even attempted a test of the $35,000 level.

A new all-time high was formed near $34,780 before the price started a downside correction. There was a break below the $33,500 and $33,000 levels. The price tested the $32,500 zone, where it found a strong support.

Bitcoin started consolidating in a range above the $32,500 zone. It climbed above the $33,000 level. There was a break above the 50% Fib retracement level of the downside correction from the $34,780 swing high to $32,333 swing low.

Bitcoin Price

Source: BTCUSD on TradingView.com

However, the price failed to clear the $33,800 resistance zone. It seems like it failed near the 61.8% Fib retracement level of the downside correction from the $34,780 swing high to $32,333 swing low.

It is now trading in a contracting triangle with resistance near the $33,550 zone on the hourly chart. A clear break above the $33,550 and $33,800 levels could open the doors for a fresh increase. A close above the $34,000 may further increase the chances of a push towards $35,000 and $35,500 in the near term.

Dips Supported in BTC?

If bitcoin fails to clear the $33,500 and $33,800 levels, it could break the triangle support and continue lower. The next major support is near the $31,500 level.

There is also a major bullish trend line forming with support near $31,000 on the same chart. Any more losses could lead the price towards the $30,000 level and the 100 hourly SMA.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is close to the 50 level.

Major Support Levels – $32,500, followed by $31,500.

Major Resistance Levels – $33,550, $34,000 and $35,000.

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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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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

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