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Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity
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Breaking News: OG Bitcoin Whales Dumping Assets: Chart Reveals Significant Sell-Off Activity

Bitcoin Price Weekly Analysis – Rebound Likely Over

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 7:40 am
2 mins read
bitcoin price rebound

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Created by industry experts and meticulously reviewed
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Key Highlights

  • The Bitcoin price recently corrected higher after declining close to the ¥1800 level.
  • It looks like the price has completed the correction phase and may start trading lower once again.
  • There was a major support trend line formed on the hourly chart (price feed from BTCChina), which was broken to ignite a downside move.

Bitcoin price rebound from the ¥1811 low is likely completed and it may start to move lower if sellers gain momentum.

Bitcoin Price Weekly Analysis

Retest of ¥2000 Likely?

The Bitcoin price managed to gain bids near the ¥1800 support area and managed to recover some ground. However, it looks like the recovery is now over and the price may start to move lower once again. The price recently tested a monster confluence resistance area of ¥2200 where the 100 hourly simple moving average (MA) along with the 50% Fib retracement level of the last drop from the ¥2550 high to ¥1811 low prevented the upside. There was a bullish trend line formed on the hourly chart, which was breached recently to encourage sellers to take the price lower.

There is contracting triangle pattern forming as well (price feed from Huobi), which might act as a catalyst for the next move. If sellers gain control and manage to take the price below the triangle, then a downside move towards ¥2000 is possible.

Bitcoin Price Weekly Analysis

Looking at the indicators:

MACD – The hourly MACD is mostly flat is it looks like setting up for the next move that may be a bear leg.

RSI (Relative Strength Index) – The hourly RSI below the 50 level, which is a sign that buyers are losing grip.

On the upside a break and close above the 100 MA is needed if the price has to trade higher.

Intraday Support Level – ¥2000

Intraday Resistance Level – ¥2200

Overall, a break and close below the highlighted triangle may be a signal for a sell in the short term.

 

Charts from BTCChina and Huobi; hosted by Trading View

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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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