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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/USD At Risk Of More Losses Below $6,240

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

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Key Points

  • Bitcoin price finally made the next move and broke the $6,350 support against the US Dollar.
  • There was a break below a major contracting triangle with support at $6,405 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price traded towards the $6,200 support area where buyers emerged.

Bitcoin price moved into a bearish zone below $6,350 against the US Dollar. BTC/USD remains at risk of more losses below the $6,240 and $6,200 support levels.

Bitcoin Price Analysis

After consolidating for a few days above the $6,350 support, bitcoin price finally made the next move against the US Dollar. The BTC/USD pair was rejected near the $6,435 level, which sparked a downside move. The price declined sharply and broke the $6,400 and $6,350 support levels. The decline was such that the price even settled below the $6,300 level and the 100 hourly simple moving average.

During the decline, there was a break below a major contracting triangle with support at $6,405 on the hourly chart of the BTC/USD pair. The pair traded close to the $6,200 support and formed a low at $6,201. Later, there was an upside correction above the $6,240 level. The price also moved above the 23.6% Fib retracement level of the last decline from the $6,434 high to $6,201 low. However, there are many hurdles for buyers near the $6,280 and $6,300 levels. More importantly, the 50% Fib retracement level of the last decline from the $6,434 high to $6,201 low is at $6,318.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly trading in a bearish zone below the $6,350 support. On the downside, once sellers push the price below $6,240 and $6,200, there could be more declines.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is well below the 40 level.

Major Support Level – $6,240

Major Resistance Level – $6,318

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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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