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

Bitcoin Price Watch: BTC/USD Primed for Gains

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

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price is showing bullish signs above the $8,600 pivot level against the US Dollar.
  • This week’s ascending channel with current support at $8,480 is intact on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now trading nicely above the $8,500 support and the 100 hourly simple moving average.

Bitcoin price is following a bullish path above $8,600 against the US Dollar. BTC/USD has to move above $9,000 to accelerate gains in the near term.

Bitcoin Price Analysis

There was a slow and steady rise in bitcoin price above the $8,500 resistance against the US Dollar. The price traded higher and even broke the $8,600 resistance level to settle above the 100 hourly simple moving average. The upside move was positive, as the price traded close to the $8,900 resistance level. A high was formed at $8,899 before the price started a downside correction.

It moved down and traded below the 23.6% Fib retracement level of the last wave from the $8,305 low to $8,899 high. However, the price remains well supported on the downside above the $8,500 level. An immediate key support is at $8,600, which is the 50% Fib retracement level of the last wave from the $8,305 low to $8,899 high. Furthermore, the 100 hourly SMA is positioned near $8,550 to prevent declines in the near term. Additionally, this week’s ascending channel with current support at $8,480 is intact on the hourly chart of the BTC/USD pair.

Bitcoin Price Analysis BTC

Looking at the chart, the price is placed nicely above $8,500 and the 100 hourly SMA. Therefore, as long as the price is above $8,500, it could continue to move higher towards $9,000. A break above $9,000 will most likely confirm a solid bullish bias towards $10,000.

Looking at the technical indicators:              

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

Hourly RSI (Relative Strength Index) – The RSI is currently moving lower towards the 50 level.

Major Support Level – $8,500

Major Resistance Level – $8,900

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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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