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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Bitcoin Price Faces Rejection, Here’s Why Dips Could Be Attractive

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price recovered further above $43,500 but struggled near $44,500. BTC is correcting gains and might test the $42,150 support zone.

  • Bitcoin recovered above the $43,500 resistance and remained in a positive zone.
  • The price is trading below $44,000 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance near $44,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could decline toward the $42,150 and $42,000 support levels.

Bitcoin Price Holds Support

Bitcoin price started a recovery wave above the $43,200 resistance zone. BTC even broke the $43,500 resistance zone to move further into a positive zone.

There was a decent upward move, but the bears were active near the $44,500 resistance zone. It faced rejection near the 76.4% Fib retracement level of the downward move from the $45,913 swing high to the $39,500 low. A high was formed near $44,784 and the price is now correcting gains.

There was a move below the $44,000 level. The price traded below the 23.6% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. Bitcoin is now trading below $44,000 and the 100 hourly Simple moving average.

On the upside, immediate resistance is near the $44,000 level. The first major resistance is $44,400. There is also a key bearish trend line forming with resistance near $44,400 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $44,400 level could send the price further higher. The next major resistance sits at $45,500. Any more gains above the $45,500 level could open the doors for a move toward the $46,000 level.

Fresh Decline In BTC?

If Bitcoin fails to rise above the $44,400 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,800 level.

The next major support is near $42,150 or the 50% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. If there is a move below $41,150, the price could gain bearish momentum. In the stated case, the price could drop toward the $40,500 support in the near term.

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 below the 50 level.

Major Support Levels – $42,800, followed by $42,150.

Major Resistance Levels – $43,800, $44,000, and $44,400.

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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

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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