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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Bitcoin Extends Rally, Why Bulls Remain In The Driver’s Seat

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price rallied over 6% and it broke the $17,500 resistance against the US Dollar. BTC is consolidating gains and it seems like the bulls are aiming more upsides above $18,000.

  • Bitcoin extended its rise above the $17,200 and $17,500 resistance levels.
  • The price traded to a new monthly high at $17,895 and settled above the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $17,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains well supported and it is likely to rally further above the $18,000 resistance.

Bitcoin Price Gains 6%

After a sharp rise above the $17,000 resistance, bitcoin price started following a bullish path. BTC even surged above the $17,200 level to move further into a positive zone.

The price rallied over 6%, broke the $17,500 resistance, and settled well above the 100 hourly simple moving average. Bitcoin traded to a new monthly high at $17,895 and it is currently consolidating gains.

Bitcoin Price

Source: BTCUSD on TradingView.com

It corrected below the 23.6% Fib retracement level of the recent surge from the $16,924 swing low to $17,895 high. However, the price remained well supported above the $17,500 level. It seems like there is a key contracting triangle forming with resistance near $17,800 on the hourly chart of the BTC/USD pair.

If there is a fresh break above the triangle resistance at $17,800, the price could rally further. The next major resistance is near the $18,000 level. Any further gains could open the doors for a rise towards the $18,400 level in the near term. An intermediate resistance sits near the $18,250 level.

Dips Supported in BTC?

If bitcoin fails to clear the triangle resistance or $17,850, there could be a short-term downside correction. An initial support is near the triangle support at $17,580.

The next major support is near the $17,410 level. It is close to the 50% Fib retracement level of the recent surge from the $16,924 swing low to $17,895 high. Any further losses may perhaps lead the price towards the $17,200 support level.

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 currently correcting lower, but it is well above the 60 level.

Major Support Levels – $17,580, followed by $17,400.

Major Resistance Levels – $17,800, $17,850 and $18,000.

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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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