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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Price Consolidates Gains As Risk of Pullback Increase

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 is consolidating gains above the $30,000 zone. BTC is showing a few signs of a downside correction below the $30,000 level.

  • Bitcoin attempted a fresh increase and spiked above the $30,450 resistance zone.
  • The price is trading above $30,000 and the 100 hourly Simple moving average.
  • There is a key rising channel forming with support near $30,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a downside correction if there is a close below the $30,000 support.

Bitcoin Price Struggles

Bitcoin price remained strong above the $30,000 pivot level. BTC attempted another increase above the $30,200 and $30,250 levels. However, the bears were active near the $30,500 resistance zone.

A high was formed near $30,577 and the price started a consolidation phase. There are clear signs of trend exhaustion above the $30,000 level. It is still trading well above $30,000 and the 100 hourly Simple moving average.

Besides, there is a key rising channel forming with support near $30,000 on the hourly chart of the BTC/USD pair. The channel support is near the 23.6% Fib retracement level of the upward move from the $28,200 swing low to the $30,577 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

Immediate resistance is near the $30,250 level. The next major resistance is near the $30,500 zone. A close above the $30,500 resistance might start a fresh increase. In the stated case, the price may perhaps rise toward the $31,200 level. The next key resistance is near the $32,000 level, above which the bulls might aim for a move toward the $33,500 level.

Downside Break in BTC?

If Bitcoin’s price fails to clear the $30,500 resistance, it could start a downside correction. Immediate support on the downside is near the $30,000 level.

The next major support is near the $29,400 zone and the 50% Fib retracement level of the upward move from the $28,200 swing low to the $30,577 high. A downside break and close below the $29,400 support might push the price back toward $28,800 or the 100 hourly Simple moving average. Any more losses might call for a drop toward the $28,200 support zone.

Technical indicators:

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

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

Major Support Levels – $30,000, followed by $29,400.

Major Resistance Levels – $30,250, $30,500, and $31,200.

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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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