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Breaking News: Canary Capital's CEO Confirms Spot Hedera And Litecoin ETFs Will Begin Trading Tomorrow

Bitcoin Price Watch: Choppy Price Action Could Lead BTC Higher

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

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  • Bitcoin price found support near $3,400 and later recovered above $3,660 against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $3,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is currently consolidating above $3,600 and it could dip towards the $3,560 support.

Bitcoin price recovered nicely above $3,500 and $3,600 against the US Dollar. However, the current price action is choppy, suggesting swing moves in BTC above $3,560.

Bitcoin Price Analysis

Recently, we saw a major downward move below $3,800 in bitcoin price against the US Dollar. The BTC/USD pair even broke the $3,560 support and the $3,400 pivot level. A low was formed at $3,376 and later the price started a decent recovery. It broke the $3,400 and $3,500 resistance levels to move into a positive zone. The upward move was convincing as the price settled above $3,560 and the 100 hourly simple moving average. Finally, there was a break above the $3,649 swing high, opening the doors for more gains.

Moreover, there was a break above a key bearish trend line with resistance at $3,560 on the hourly chart of the BTC/USD pair. The price tested the 1.236 Fib extension level of the drop from the $3,650 high to $3,376 low. A high was formed at $3,716 and the price is currently consolidating gains. An initial support is $3,640 and the 23.6% Fib retracement level of the recent wave from the $3,376 low to $3,716 high. The main support is near the previous resistance at $3,560. It coincides with the 50% Fib retracement level of the recent wave from the $3,376 low to $3,716 high.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price recovered nicely above $3,560, but the price action seems to be a bit choppy. Therefore, there could be a few swing moves towards $3,560 before a fresh upward move.

Technical indicators

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving lower towards the 50 level, with a bearish angle.

Major Support Level – $3,560

Major Resistance Level – $3,720

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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