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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Price (BTC) Is Slowly Turning Sell On Rallies

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

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  • Bitcoin price is jumped higher recently, but it struggled to continue above $10,500 against the US Dollar.
  • The price is currently trading in a bearish zone and it could accelerate losses below $10,200 in the near term.
  • There is a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is slowly turning sell on rallies near the $10,450 and $10,500 levels.

Bitcoin price is currently trading in a range below $10,500 against the US Dollar. BTC could decline further if it continues to struggle below the $10,500 level.

Bitcoin Price Analysis

In the past few sessions, bitcoin price remained in a bearish zone below $10,600 against the US Dollar. The decline was such that the BTC/USD pair broke the $10,200 support area as well. Moreover, the price spiked below the $10,100 level. A new swing low was formed near the $10,054 and recently the price corrected higher. It spiked above $10,400, but the bulls failed to gain traction above the $10,500 level.

A swing high was formed near $10,529 and the price is currently correcting lower. The price broke the $10,400 level plus the 50% Fib retracement level of the last wave from the $10,054 low to $10,529 high. Moreover, the price is trading well below the $10,350 level and the 100 hourly simple moving average. An immediate support is near the $10,250 level and the 61.8% Fib retracement level of the last wave from the $10,054 low to $10,529 high.

If there is a downside break below the $10,250 support, the price could revisit the $10,050 support area. Any further losses could accelerate decline below the $10,050 and $10,000 levels. A clear break below the $10,000 level might call for a drop to $9,500.

On the upside, an immediate resistance is near the $10,350 and $10,400 levels. Moreover, there is a connecting bearish trend line forming with resistance near $10,450 on the hourly chart of the BTC/USD pair. The 100 hourly SMA is also near the $10,400 level. Therefore, it won’t be easy for the bulls to push the price above the $10,400 and $10,500 resistance levels.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is facing an increase in selling interest below the $10,500 level. As long as the price is trading below the $10,500 level, there are chances of more downsides. If not, the price could surge towards the $11,000 level.

Technical indicators:

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

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

Major Support Levels – $10,250 followed by $10,050.

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

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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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