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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Price Watch: BTC/USD Remains Vulnerable Below 100 SMA

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

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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

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Key Points

  • Bitcoin price failed to move above the $6,400-6,410 resistance area against the US Dollar.
  • There is a key bearish trend line in place with resistance at $6,405 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently trading below the $6,410 resistance and the 100 hourly simple moving average.

Bitcoin price is trading lower within range below $6,410 against the US Dollar. BTC/USD could revisit the $6,370 or $6,350 support levels if sellers gain control.

Bitcoin Price Analysis

Recently, there was a minor upside correction above the $6,400 resistance in bitcoin price against the US Dollar. However, the BTC/USD pair failed to settle above the $6,400-6,410 resistance area. Later, there was a fresh decline below the $6,400 level and the 100 hourly simple moving average. The price broke the 50% Fib retracement level of the recent wave from the $6,356 low to $6,418 high.

However, the price found support near the $6,380 level. Moreover, the 61.8% Fib retracement level of the recent wave from the $6,356 low to $6,418 high also acted as a support. Besides, there is a bullish trend line formed with support at $6,380 on the hourly chart of the BTC/USD pair. If there is a downside break below the trend line, the price could decline back towards the $6,350-55 zone. On the upside, an initial resistance is near $6,400. There is also a key bearish trend line in place with resistance at $6,405 on the same chart.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is struggling to gain momentum above $6,400 and $6,410. As long as there is no close above $6,410 and the 100 hourly SMA, the price could decline back towards the $6,355 level. On the upside, a break above $6,410 could push the price towards $6,460.

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 just above the 40 level.

Major Support Level – $6,355

Major Resistance Level – $6,410

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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

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Created by industry experts and meticulously reviewed
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