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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Bitcoin Breaking This Confluence Resistance Could Spark Recovery

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin is attempting an upside correction above $57,000 against the US Dollar. BTC could gain pace if there is a close above the $58,000 resistance.

  • Bitcoin is facing resistance near the $58,000 and $58,500 levels.
  • The price is now trading near $57,500 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must settle above $58,000 to start a fresh increase in the near term.

Bitcoin Price is Still Struggling

Bitcoin price remained in a range above the $55,500 support zone. BTC formed a base above the $55,500 level and is currently attempting a decent recovery wave.

There was a break above the $56,500 and $57,000 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair. The pair even spiked above the $57,500 level and the 100 hourly simple moving average.

However, the price is still struggling to gain pace above the $58,000 level. A high is formed near $58,222 and the price is now consolidating gains.

The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $55,909 swing low to $58,222 high. An immediate support is near the $57,500 level. The first major support is now forming near the $57,000 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The 50% Fib retracement level of the upward move from the $55,909 swing low to $58,222 high is also near $57,000. The next major support is near the $56,500 level, below which the price could resume its decline towards the main breakdown support at $55,500.

Upside Capped In BTC?

If bitcoin stays above the $56,500 support, it could continue to rise. On the upside, an initial resistance is near the $58,000 level.

The next key resistance is near the $58,500 level. A close above the $58,000 and $58,500 levels may possibly start a steady increase in the near term. The next major resistance sits near the $60,000 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $56,500, followed by $56,000.

Major Resistance Levels – $58,000, $58,500 and $60,000.

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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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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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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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