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Breaking News: SoftBank, Ark Invest Among Potential Investors In Tether's $15 Billion Funding Round

Bitcoin Price Nears Next Key Move, 100 SMA Is The Key

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price is consolidating above the $27,500 support. BTC could start a fresh increase unless there is a clear move and close below $27,500.

  • Bitcoin is still holding the key $27,500 support zone.
  • The price is trading above $27,550 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance near $27,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if there is a break above the $28,000 resistance zone.

Bitcoin Price Holds Support

Bitcoin price started a downside correction after it failed to clear the $28,500 resistance zone. BTC moved below the $28,200 and $28,000 levels.

There was also a drop below the $27,800 level but the bulls were active near the $27,500 support. A low is formed near $27,559 and the price is now consolidating. There was already a test of the 50% Fib retracement level of the recent decline from the $28,045 swing high to the $27,559 low.

Bitcoin price is now trading above $27,550 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $27,850 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $27,850 level and the trend line. The next major resistance is near the $28,000 level or the 76.4% Fib retracement level of the recent decline from the $28,045 swing high to the $27,559 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

An upside break and close above $28,000 could start a steady increase toward $28,500. If the bulls manage to clear the $28,500 resistance zone might send the price toward the $29,200 resistance zone. The next key resistance is near $29,500, above which the price might rise toward the $30,000 resistance.

Downside Break in BTC?

If Bitcoin’s price fails to clear the $28,000 resistance, it could continue to move down. Immediate support on the downside is near the $27,550 level.

The next major support is near the $27,500 zone and the 100 hourly SMA, below which the price might start a steady decline. In the stated case, the price could drop toward the $27,000 support.

Technical indicators:

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

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

Major Support Levels – $27,550, followed by $27,500.

Major Resistance Levels – $28,000, $28,400, and $28,500.

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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.

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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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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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