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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

Bitcoin (BTC) Price Targets Additional Gains: Dips Remain Supported

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price started a fresh increase after forming a support base above $6,900 against the US Dollar.
  • The price gained bullish momentum above $7,400 and settled above the key $7,650 pivot level.
  • There is a major bullish trend line forming with support near $7,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains well supported on the downside above $7,600 and it could soon break $8,200.

Bitcoin price is positioned nicely in the positive zone above $7,600 against the US Dollar. BTC could correct in the short term, but dips remain supported near $7,760 and $7,650.

Bitcoin Price Analysis

Recently, bitcoin price formed a strong support near the $7,250 level against the US Dollar. The BTC/USD pair started a strong rise from the $7,230 swing low and climbed above the $7,400 resistance level. The recent upward move was such that the price even climbed above the $7,500 resistance and the 100 hourly simple moving average. Finally, there was a clear break above the $8,000 resistance level. The price tagged the main $8,280 resistance level and recently corrected below the $8,150 level.

There was a break below the 23.6% Fib retracement level of the last wave from the $7,230 low to $8,288 swing high. However, the $7,800 level is acting as a strong buy zone. Moreover, the 50% Fib retracement level of the last wave from the $7,230 low to $8,288 swing high is also near the $7,764 level to provide support. More importantly, there is a major bullish trend line forming with support near $7,610 on the hourly chart of the BTC/USD pair. It seems like there is a strong support forming near $7,610 and the 100 hourly SMA.

Besides, the 61.8% Fib retracement level of the last wave from the $7,230 low to $8,288 swing high is also near the $7,640 level. Therefore, if the price corrects lower from the current levels, the $7,760 and $7,650 levels are likely to act as strong supports. If there is a downside break below the $7,600 support zone, the price might move back in a bearish zone.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is currently trading with a positive bias above the $7,650 support. As long as the price is above $7,600, it is likely to continue higher towards $8,200 and $8,300. A clear break above the $8,300 resistance may perhaps clear the path for more gains above $8,400.

Technical indicators:

Hourly MACD – The MACD is slowly moving in the bearish zone.

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

Major Support Levels – $7,760 followed by $7,650.

Major Resistance Levels – $8,150, $8,200 and $8,300.

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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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