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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Is This The Start Of Another Decline In Bitcoin Or Buy Opportunity?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin BTC

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Bitcoin price formed a short term top near $10,200 and declined recently against the US Dollar. BTC might continue to decline, but the bulls are likely to remain active above $9,500.

  • Bitcoin is slowly correcting lower below $10,000 and $9,850 against the US Dollar.
  • The price even broke the $9,800 area and it might extend its downside correction.
  • There is a key declining channel forming with resistance near $9,785 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • There are chances of a bearish spike towards $9,500 before the bulls take a stand.

Bitcoin Could Extend its Correction

Recently, we saw a break above $10,000 in bitcoin against the US Dollar. However, BTC price failed to clear the $10,200 resistance and a new 2020 high was formed near $10,201.

The price started a downside correction below the $10,000 level and the 100 hourly simple moving average. Moreover, the bears were able to lead the price below the 50% Fib retracement level of the upward move from the $9,659 low to $10,201 high.

The recent decline was such that bitcoin even traded below the $9,850 support level. At the outset, there is a key declining channel forming with resistance near $9,785 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Bitcoin Price

More importantly, the price is trading below the 76.4% Fib retracement level of the upward move from the $9,659 low to $10,201 high. Therefore, there is a risk of a downside extension below the $9,659 swing low in the near term.

The next major support for bitcoin bulls is seen near the $9,530 and $9,500 levels. In addition, the 1.236 Fib extension level of the upward move from the $9,659 low to $10,201 high is also near the $9,530 level.

Any further losses could set the pace for a larger bearish wave, possibly towards the $9,200 support area in the near term.

Bulls Are Still In Control

The recent decline in bitcoin could be seen as a part of a downside correction from the $10,201 swing high. The $9,500 support area could play a major role in the near term.

Its only when the price tumbles below $9,200 and $9,000, the bulls need to start worrying for a trend change to bearish.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is sliding and it is now below the 40 level.

Major Support Levels – $9,650 followed by $9,530.

Major Resistance Levels – $9,850, $10,000 and $10,200.

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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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How Our News is Made

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