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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 Starts Correction Post Rally, Why Dips Could Be Attractive

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price rallied above $26,500 and $27,000. BTC tested the $28,000 resistance zone and is currently correcting lower toward $27,000.

  • Bitcoin jumped and cleared the $26,500 resistance zone.
  • The price is trading above $26,500 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance near $26,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting gains, but it might find bids near $27,000 or $26,700.

Bitcoin Price Regains Strength

Bitcoin price started a decent increase following news that a US court ruled in favor of Grayscale against the SEC, opening the doors for ETF. BTC gained pace and was able to clear the $26,500 resistance zone.

There was a steady increase, and the price even broke the $27,500 resistance zone. Finally, it tested the $28,000 resistance zone. A high is formed near $28,150 and the price is now correcting gains. There was a minor decline below the $27,800 level.

The price traded below the 23.6% Fib retracement level of the upward move from the $25,927 swing low to the $28,150 high. However, Bitcoin is still trading above $26,500 and the 100 hourly Simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a fresh increase, immediate resistance is near the $27,650 level. The first major resistance is near the $28,000 level. A clear move above the $28,000 level might send the price toward $28,500. The next major resistance is near $29,200, above which there could be a sustained increase. In the stated case, the price could test the $30,000 level. Any more gains might set the pace for a larger increase toward $31,200.

Are Dips Limited In BTC?

If Bitcoin fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,000 level.

The next major support is near the $26,700 level or the 61.8% Fib retracement level of the upward move from the $25,927 swing low to the $28,150 high. A downside break below the $26,700 level might push the price again into a bearish zone. In the stated case, the price could drop toward $26,000.

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 above the 50 level.

Major Support Levels – $27,000, followed by $26,700.

Major Resistance Levels – $28,000, $28,500, and $29,200.

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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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