Bitcoin Could Recover Above $10,500 As Double Bottom Pattern Emerges

Aayush Jindal

Last Updated: June 11, 2024 2:16 pm

2 mins read

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Bitcoin price retested the $9,900 zone against the US Dollar. BTC seems to be forming a double bottom pattern near $9,900 and it could start a decent increase above $10,500.

Bitcoin bounced back above $10,200 after it retested the $10,000 and $9,900 levels.
The price is now trading nicely above $10,300 and the 100 hourly simple moving average.
There was a break above a key declining channel with resistance near $10,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher as long as it is above the $10,000 support zone.

Bitcoin Price Could Recover Higher

Yesterday, there was another downward move below the $10,200 level in bitcoin price against the US Dollar. BTC retested the $9,900 zone and remained well bid. A strong support base was formed near $9,880 and the price started fresh increase.

It seems like there is a double bottom pattern forming near the $9,880 level. Bitcoin is recovering higher and it surpassed the $10,200 resistance level.

There was also a break above a key declining channel with resistance near $10,200 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above $10,300 and the 100 hourly simple moving average.

Bitcoin price trades above $10,300. Source: TradingView.com

It tested the $10,400 resistance and a high is formed near $10,415. The price is currently correcting lower and trading near the $10,320 level. An initial support is near the $10,280 level or the 23.6% Fib retracement level of the recent rise from the $9,891 low to $10,415 high.

The first major support on the downside is near the broke channel resistance and $10,150. The 50% Fib retracement level of the recent rise from the $9,891 low to $10,415 high is also near $10,150.

On the upside, the price is facing a couple of strong hurdles near $10,400 and $10,500. If the highlighted double bottom pattern plays well, there are chances of a strong increase above $10,500 and $10,550 in the near term.

Fresh Rejection in BTC?

If the bulls fail to gain strength and bitcoin dips below the $10,150 support, it could revisit the $10,000 and $9,880 support levels.

A close below the $9,880 low is likely to invalidate the double bottom pattern. In the stated case, the price might decline further towards the $9,600 level.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support Levels – $10,200, followed by $10,150.

Major Resistance Levels – $10,400, $10,500 and $10,550.

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.

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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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