Bitcoin (BTC) Price Final Target But Decline Far From Over

Aayush Jindal

1 year ago

2 mins read

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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin price remained in a bearish zone and even dropped below $10,000 against the US Dollar.
The price is now trading well below the $10,200 level and it could continue to slide.
There is a key bearish trend line forming with resistance near $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price is under a lot of pressure and it could even test the $9,500 support area.

Bitcoin price is trading a crucial downtrend below $10,200 against the US Dollar. BTC price tested the final bearish target of $10,000, as discussed in the weekly forecast.

Bitcoin Price Analysis

Yesterday, bitcoin price tested the $10,500 support level (this week’s bearish target) against the US Dollar. Later, the BTC/USD pair extended losses and broke a couple of important supports near $10,400 and $10,200. Moreover, there was a break below the $10,000 support and the price settled well below the 100 hourly simple moving average. Finally, the price traded below $9,800 and a new monthly low was formed near $9,635.

The price is currently trading in a strong downtrend below $10,000. An immediate resistance is near the $9,880 level plus the 23.6% Fib retracement level of the recent slide from the $10,658 high to $9,635 low. However, the main resistances on the upside are near $10,000, $10,100 and $10,200. Moreover, there is a key bearish trend line forming with resistance near $10,150 on the hourly chart of the BTC/USD pair.

The 50% Fib retracement level of the recent slide from the $10,658 high to $9,635 low is also waiting near the $10,150 level to act as a resistance. Therefore, an upside correction above the $9,880 level is likely to face sellers near the $10,000 and $10,200 levels. To start a strong recovery, the price has to climb above the $10,200 resistance and gain strength above $10,250.

On the downside, the recent low at $9,635 is an immediate support. If there are more losses, the price could extend its decline towards the $9,500 support level. More importantly, the bears could target the $9,200 support area in the coming sessions.

Looking at the chart, bitcoin price is placed in a strong downtrend below the $10,000 and $10,200 levels. If there is a weekly close below $10,000, the price could accelerate losses in the coming days. On the upside, a convincing follow through above $10,250 might set the pace for a recovery towards the $11,000 level.

Technical indicators:

Hourly MACD – The MACD is currently gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 20 level.

Major Support Levels – $9,650 followed by $9,500.

Major Resistance Levels – $10,000, $10,100 and $10,200.

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.

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.