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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Price Watch: BTC/USD Primed To Test $3,000

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

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Key Points

  • Bitcoin price declined further and broke the $3,550 and $3,420 support levels against the US Dollar.
  • There is a major bearish trend line formed with resistance at $3,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to decline further and it may even test the $3,000 level in the near term.

Bitcoin price declined heavily below $3,550 against the US Dollar. BTC/USD remains in a downtrend and it could even trade towards $3,000 or $2,800.

Bitcoin Price Analysis

After forming a short term support near $3,550, there was a tiny recovery in bitcoin price against the US Dollar. The BTC/USD pair traded above the $3,750 level, but upsides were capped near the $3,845 level. Finally, there was a fresh decline and the price traded below the $3,550 and $3,420 support levels. It is now trading well below the $3,750 level and the 100 hourly simple moving average.

A new multi month low was formed at $3,288 and the price is currently consolidating losses. An initial resistance is the 23.6% Fib retracement level of the last drop from the $3,849 high to $3,288 low. However, there are many resistances on the upside near $3,550 and $3,555. The previous support near $3,550 is a major hurdle. It coincides with the 50% Fib retracement level of the last drop from the $3,849 high to $3,288 low. Moreover, there is a major bearish trend line formed with resistance at $3,700 on the hourly chart of the BTC/USD pair.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly placed in a nasty downtrend below $3,550. As long as it is trading below $3,750, there could be more losses. The next stop for sellers below $3,250 may be $3,000 or even $2,800.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI is moving higher towards the 40 level.

Major Support Level – $3,250

Major Resistance Level – $3,550

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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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