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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

Bitcoin (BTC) Relatively Muted, Signs of Further Weakness

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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  • Bitcoin price is facing a strong resistance near the $7,400 and $7,460 levels against the US Dollar.
  • The price is approaching the key $7,200 and $7,160 support levels.
  • There is a short term declining channel forming with resistance near $7,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could recover above $7,400 as long as there is no daily close below $7,200.

Bitcoin price is currently confined in a range below $7,400 against the US Dollar. BTC must stay above $7,200 and $7,000 to start a decent recovery.

Bitcoin Price Analysis

Recently, we saw a downside break in bitcoin below the $7,400 support against the US Dollar. Moreover, BTC price settled below the $7,400 pivot and the 100 hourly simple moving average.

Finally, the price traded to a new weekly low at $7,159 and it is currently correcting higher. The recent high was near $7,410 and it seems like the price is struggling to gain strength above the $7,410 resistance.

Bitcoin is currently declining and trading below $7,400. Besides, there was a break below the 23.6% Fib retracement level of the recent corrective wave from the $7,159 low to $7,410 high.

An immediate support on the downside is near the $7,285 level. Additionally, the 50% Fib retracement level of the recent corrective wave from the $7,159 low to $7,410 high is near the $7,285 level.

If there is a downside push below the $7,285 and $7,255 levels, the price is likely to retest the $7,200 support area. More importantly, if there is a daily close below the $7,200 support area, the price may perhaps struggle to even stay above the $7,000 support.

On the upside, there are many hurdles waiting near the $7,400 and $7,460 levels. Besides, there is a short term declining channel forming with resistance near $7,380 on the hourly chart of the BTC/USD pair.

Therefore, a clear break above the channel resistance and $7,460 is needed for a decent recovery wave. Once the price settles above $7,460 and the 100 hourly simple moving average, the bulls are likely to aim the $7,630 resistance area.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is currently declining and trading below the $7,300 level. It seems like the price could retest the $7,200 support area before it could make an attempt to climb above $7,400 and $7,460 in the near term.

Technical indicators:

Hourly MACD – The MACD is likely to move into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and it now well below the 50 level.

Major Support Levels – $7,200 followed by $7,000.

Major Resistance Levels – $7,400, $7,460 and $7,630.

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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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