Bitcoin Starts Corrective Decrease, Why It Could Rally If It Clears $15.3K

Aayush Jindal

Last Updated: June 11, 2024 2:08 pm

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 traded to a new multi-month high near $15,970 before correcting lower against the US Dollar. BTC is holding the $14,500 support and it could start another rally.

Bitcoin started a sharp downside correction after trading close to the $16,000 resistance.
The price corrected lower below $15,000, but it is still well above the 100 simple moving average (4-hours).
There is a major contracting triangle forming with resistance near $15,250 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could resume its rally once it clears the $15,250 and $15,300 resistance levels.

Bitcoin Price is Holding Key Support

This past week, bitcoin started a strong surge above the $14,500 and $15,000 resistance levels against the US Dollar. The BTC/USD pair even rallied above $15,500 and settled well above the 100 simple moving average (4-hours).

It traded close to the $16,000 level and formed a new multi-month high at $15,971 before starting a sharp downside correction. There was a break below the $15,500 support level.

Bitcoin price declined below the 50% Fib retracement level of the upward move from the $13,558 swing low to $15,971 high. However, the bulls were able to defend the $14,500 support zone and the price remained well above the 100 simple moving average (4-hours).

It also stayed above the 61.8% Fib retracement level of the upward move from the $13,558 swing low to $15,971 high. It seems like there is a major contracting triangle forming with resistance near $15,250 on the 4-hours chart of the BTC/USD pair.

To start a fresh rally, the price must break the triangle resistance zone and the $15,300 level. The next major resistance is near $15,500, above which the bulls are likely to aim a test of $16,000.

Downsides Could Be Limited in BTC

If bitcoin fails to clear triangle resistance, it could correct lower below $14,800. The first major support is near the triangle lower trend line and $14,500.

A clear break below the triangle support could lead the price towards the $14,000 support zone. The next major support is near the $13,750 level or the 100 simple moving average (4-hours).

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly losing pace in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is back above the 50 level.

Major Support Level – $14,500

Major Resistance Level – $15,300

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.