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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin Price Watch: BTC Signaling Decent Comeback Above $3,700

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price declined again and tested the $3,550 support area before recovering against the US Dollar.
  • There was a break above a major bearish trend line with resistance at $3,585 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently showing positive signs above the $3,600 support level, with a bullish angle.

Bitcoin price broke a key resistance near $3,600 recently against the US Dollar. The current price action is positive, signaling an upside extension above $3,700 in the near term.

Bitcoin Price Analysis

There was yet another rejection near the $3,660 resistance in bitcoin price against the US Dollar. The BTC/USD pair dipped below $3,600 and retested the key $3,550 support area. Buyers protected the $3,550 support and the price bounced back. It climbed above the $3,580 and $3,600 resistance levels, signaling a decent recovery. There was also a break above the 50% Fib retracement level of the recent decline from the $3,715 swing high to $3,549 low. More importantly, there was a close above $3,600 and the 100 hourly simple moving average.

Finally, there was a break above a major bearish trend line with resistance at $3,585 on the hourly chart of the BTC/USD pair. These all are positive signs above the $3,600 level and the 100 hourly SMA. However, the price seems to be facing a solid resistance near the $3,650-3,660 levels. It coincides with the 61.8% Fib retracement level of the recent decline from the $3,715 swing high to $3,549 low. Therefore, a proper close above the $3,660 resistance could clear the path for more gains above $3,700. The next main resistance is at $3,715 and $3,730.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price clearly made a nice upward move above the $3,600 level. Having said that, a beak above $3,660 is must for more gains. If not, there is a risk of a fresh drop towards the $3,550 and $3,540 support levels.

Technical indicators

Hourly MACD – The MACD for BTC/USD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is holding the 50 level, with a positive angle.

Major Support Level – $3,550

Major Resistance Level – $3,660

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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

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

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