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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 Price Starts Corrective Decrease, Can Bulls Protect Losses

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin extended increase above the $44,000 level against the US Dollar. BTC is correcting losses, but it might find support near the $42,000 support zone.

  • Bitcoin climbed further higher above $44,000 before it faced sellers.
  • The price is trading near $42,750 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $43,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is correcting gains, but dips could be limited below the $42,000 level.

Bitcoin Price Corrects Gains

Bitcoin price extended increase above the $43,200 resistance zone. BTC even spiked above the $44,000 level on two occasions before the bears took a stand.

A high was formed near $44,420 and the price is now correcting lower. There was a move below the 23.6% Fib retracement level of the key increase from the $39,660 swing low to $44,420 high. Besides, there was a break below a key bullish trend line with support near $43,250 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading near $42,750 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $43,000 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next major resistance is near the $43,200 level. A clear move above the $43,200 level might send the price towards the $44,000 resistance. Any more gains may perhaps call for a test of the $44,400 resistance zone. The next major resistance is near the $45,500 level, where the bears might appear.

More Losses in BTC?

If bitcoin fails to start a fresh increase above $43,200, it could continue to move down. An immediate support on the downside is near the $42,500 zone. The first major support is seen near the $42,000 zone.

The 50% Fib retracement level of the key increase from the $39,660 swing low to $44,420 high is also near the $42,000 level. A downside break below the $42,000 support zone could lead the price towards the $41,500 level. Any more losses might push the price towards the $40,500 support zone in the coming sessions.

Technical indicators:

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

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

Major Support Levels – $42,500, followed by $42,000.

Major Resistance Levels – $43,200, $44,000 and $44,400.

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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
The highest standards in reporting and publishing
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