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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin Price Watch: BTC/USD Recovery Could Be Limited Near $6,315

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 formed a support base near $6,110 and recovered higher against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $6,195 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may perhaps correct higher towards $6,300-6,315, but upsides are likely to be capped.

Bitcoin price is slowly recovering above $6,200 against the US Dollar. However, BTC/USD is likely to face a strong resistance near the $6,315 and $6,365 levels.

Bitcoin Price Analysis

Yesterday, there was a sharp downside move below $6,400 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $6,200 support level and settled below the 100 hourly simple moving average. It tested the next important support at $6,100-6,110 and later started consolidating losses. A support base was formed near $6,110 and the price started an upside correction.

It recently traded above the $6,200 resistance to move into a positive zone. There was a break above the 23.6% Fib retracement level of the last decline from the $6,538 high to $6,093 low. Moreover, there was a break above a connecting bearish trend line with resistance at $6,195 on the hourly chart of the BTC/USD pair. The pair is currently placed with a positive angle above the $6,200 level. There could be a minor downside, but it seems like the price may continue towards $6,300 in the short term. However, upsides are likely to be capped by the $6,315 level. It represents the 50% Fib retracement level of the last decline from the $6,538 high to $6,093 low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is facing solid resistances near the $6,315 and $6,365 levels. On the downside, the $6,110 support holds the key, below which the price could decline towards $6,000.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slightly placed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently just around the 50 level.

Major Support Level – $6,110

Major Resistance Level – $6,315

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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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