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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Bitcoin Gains Momentum, Here’s What Could Spark A Major Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin price gained momentum and settled above the $57,000 level against the US Dollar. BTC is likely to break the $58,500 resistance and start a strong rally.

  • Bitcoin started a steady increase and it broke the $56,500 resistance zone.
  • The price is now trading well above the $56,000 level and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $56,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong rally if it clears the $58,500 resistance zone in the near term.

Bitcoin Price is Gaining Pace

Bitcoin failed to clear the $58,500 resistance and corrected lower. BTC traded below the $57,000 level, but it remained well above the 100 hourly simple moving average.

A low was formed near $56,112 and the price recently started a fresh increase. There was a break above the $56,500 and $57,000 resistance levels. Bitcoin climbed above the 50% Fib retracement level of the downward move from the $58,550 swing high to $56,112 low.

It is now trading well above the $56,000 level and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $56,800 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The pair is now consolidating just above the 76.4% Fib retracement level of the downward move from the $58,550 swing high to $56,112 low. The first major resistance on the upside is near the $58,500 level. A successful break above the $58,500 could set the pace for a strong rally. In the stated case, the first target for the bulls could be $60,000. The next key stop for them may possibly be $62,000.

Dips Limited in BTC?

If bitcoin fails to clear the $58,500 resistance, it could correct lower once again. An initial support on the downside is near the $57,500 level.

The first key support is near the $57,000 level and the trend line. A downside break below the trend line might call for a test of the $56,000 support and the 100 hourly simple moving average.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $57,500, followed by $57,000.

Major Resistance Levels – $58,500, $60,000 and $62,000.

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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.

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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

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Created by industry experts and meticulously reviewed
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