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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

Bitcoin Price Takes Hit – What Could Spark Larger Degree Correction

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 price extended its decline and spiked below $30,000. BTC is showing a few bearish signs and might extend its decline toward the $28,400 support zone.

  • Bitcoin is moving lower below the $30,500 support zone.
  • The price is trading below $30,300 and the 100 hourly Simple moving average.
  • There was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend its decline and test the $28,400 support zone.

Bitcoin Price Extends Decline

Bitcoin price remained well below the $31,000 resistance zone. BTC spiked higher but upsides were limited above the $31,400 resistance. As a result, the price reacted to the downside below the $31,000 level.

The price declined below the $30,650 and $30,500 levels. Besides, there was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair. It even spiked below the $30,000 support zone.

A low is formed near $29,868 and the price is now consolidating losses. Bitcoin is now trading below $30,300 and the 100 hourly Simple moving average.

Immediate resistance is near the $30,280 level. It is close to the 23.6% Fib retracement level of the recent decline from the $31,631 swing high to the $29,868 low. The first major resistance is near the $30,500 level, above which the price could start a decent recovery wave.

The next resistance is near $30,750 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the recent decline from the $31,631 swing high to the $29,868 low, above which the price might retest $31,000.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the $31,000 resistance could send the price further higher. The next major resistance is near the $31,400 level. Any more gains could open the doors for a move toward the $32,000 resistance zone.

More Losses in BTC?

If Bitcoin’s price fails to clear the $30,500 resistance, it could continue to move down. Immediate support on the downside is near the $29,850 level and the recent low.

The next major support is near the $29,000 level, below which there could be a drop toward $28,400. Any more losses might send the price toward the $28,000 level.

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 now below the 50 level.

Major Support Levels – $29,850, followed by $29,000.

Major Resistance Levels – $30,280, $30,500, and $30,750.

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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
How Our News is Made

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