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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Bitcoin Price Stuck In Key Range, Why The Bulls Are Comfortable

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price corrected lower below the $19,500 level against the US Dollar. BTC remains in a key range and trading above the $19,000 support zone.

  • Bitcoin failed to gain strength above $19,600 and corrected gains.
  • The price is trading near $19,250 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $19,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could attempt a fresh increase unless there is a clear move below the $19,000 support.

Bitcoin Price Remains Supported

Bitcoin price made an attempt to gain pace above the $19,500 resistance zone. BTC even spiked above the $19,600 level, but there was no follow through move.

The price formed a high near $19,696 and started a downside correction. There was a move below the $19,500 and $19,400 levels. Besides, there was a break below a key bullish trend line with support near $19,400 on the hourly chart of the BTC/USD pair.

Bitcoin price traded as low as $19,110 and is currently trading in a range. It is trading near $19,250 and the 100 hourly simple moving average. There was a break above the 23.6% Fib retracement level of the recent decline from the $19,696 swing high to $19,110 low.

On the upside, an immediate resistance is near the $19,400 level. It is close to the 50% Fib retracement level of the recent decline from the $19,696 swing high to $19,110 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance sits near the $19,680 level. A clear move above the $19,680 resistance might start a decent increase. In the stated case, the price may perhaps test the $20,000 resistance. Any more gains might start a steady increase towards the $21,200 resistance zone.

Downside Break in BTC?

If bitcoin fails to rise above the $19,400 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,100 zone.

The next major support is near the $19,000 zone. A downside break and close below the $19,000 support zone might start a major decline. In the stated case, the price could decline towards the $18,500 support zone.

Technical indicators:

Hourly MACD – The MACD is now 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 – $19,100, followed by $19,000.

Major Resistance Levels – $19,400, $19,680 and $20,000.

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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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