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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Bitcoin Price Watch: BTC Approaching Next Significant Break

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

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  • Bitcoin price is consolidating losses above the $3,560 support area against the US Dollar.
  • There is a short term contracting triangle formed with resistance at $3,625 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price may soon make the next move either above $3,650 or below $3,540 in the near term.

Bitcoin price is preparing for the next key break above $3,650 against the US Dollar. A close above $3,650 could trigger bullish moves towards $3,720 and $3,800.

Bitcoin Price Analysis

After trading above the $3,700 level, bitcoin price faced renewed selling pressure against the US Dollar. More importantly, Ethereum’s bearish reaction sparked a downward move below $3,650 in the BTC/USD pair. It declined below the $3,620 support and the 100 hourly simple moving average. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the $3,376 low to $3,716 high. The price even traded below the $3,600 support, but the $3,560 pivot acted as a solid support.

Additionally, the 50% Fib retracement level of the last wave from the $3,376 low to $3,716 high also acted as a support. At the outset, the price is currently holding the $3,560 support, with range moves. It seems like there is a short term contracting triangle formed with resistance at $3,625 on the hourly chart of the BTC/USD pair. Should there be an upside break above the $3,650 resistance, the price may climb towards the $3,700 and $3,750 levels. On the other hand, a downside break below $3,560 and $3,540 might trigger bearish moves. The next key supports are near $3,500 and $3,455.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly consolidating and preparing for the next move either above $3,650 or below $3,540. The current price action is positive, but a convincing break above $3,650 is must for a decent upward move. If not, it could drop to $3,500 or $3,455.

Technical indicators

Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD recovered nicely and it may soon break the 50 level.

Major Support Level – $3,540

Major Resistance Level – $3,650

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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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