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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

TA: Bitcoin Holds Strong, Here’s Key Resistance Turned Support

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin extended its rally above the $57,000 against the US Dollar. BTC could continue to rise if it is above the $56,000 support zone.

  • Bitcoin is trading in a positive zone above the $56,000 support zone.
  • The price is now trading above $56,000 and the 100 hourly simple moving average.
  • There was a break above a key declining channel with resistance near $55,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting gains, but the bulls could remain active near $56,000.

Bitcoin Price Eyes More Upsides

Bitcoin price remained well supported above the $55,000 pivot level. BTC gained pace and it was above to clear many hurdles near the $55,500 level.

There was also a break above a key declining channel with resistance near $55,400 on the hourly chart of the BTC/USD pair. The pair climbed above the $56,000 resistance level and settled above the 100 hourly simple moving average.

There was also a break above the $57,000 level and the price traded as high as $57,837. It is now correcting lower and trading below $57,500.

There was a break below the 23.6% Fib retracement level of the upward move from the $54,396 swing low to $57,837 high. On the downside, an initial support is near the $56,200 level. On the upside, the bulls are facing resistance is near the $57,000 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first key resistance is near the $57,500 level. A clear break above the $57,500 resistance could open the doors for a decent increase. The next major resistance sits near the $58,500 level. Any more gains could set the pace for a move towards the $59,200 level.

Dips Supported In BTC?

If bitcoin fails to clear the $57,500 resistance zone, it could correct lower. An immediate support on the downside is near the $56,200 level.

The first major support is snow forming near the $56,000 level. It is near the 50% Fib retracement level of the upward move from the $54,396 swing low to $57,837 high. A downside break below the $56,000 support zone could open the doors for a larger decline.

Technical indicators:

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

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

Major Support Levels – $56,200, followed by $56,000.

Major Resistance Levels – $57,000, $57,500 and $58,500.

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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

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