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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

TA: Bitcoin Prints Bullish Pattern, Why Break Above $16K Could Be Significant

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price regained momentum and broke the $15,800 resistance against the US Dollar. BTC is trading nicely above the $15,500 support and the bulls seem to be aiming a break above $16,000.

  • Bitcoin gained over 2% and it spiked above the $15,850 resistance zone.
  • The price is currently trading well above the $15,500 support and the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $15,540 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rally above $15,850 and $16,000 as long as it is above the 100 hourly SMA.

Bitcoin Price Is Showing Positive Signs

Yesterday, we discussed the importance of the 100 hourly simple moving average and $15,200 for bitcoin price. BTC remained well bid above the 100 hourly SMA, it climbed above the $15,500 and $15,600 resistance levels.

The upward move gained pace above the $15,700 level and the price even spiked above the $15,850 resistance. It traded close to the $16,000 resistance and formed a new weekly high at $15,995. Bitcoin is currently correcting lower and trading below $15,850.

There was a break below the 23.6% Fib retracement level of the recent increase from the $15,098 swing low to $15,995 high. The first key support is near the $15,600 level. The next major support is near the $15,550 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a crucial bullish trend line forming with support near $15,540 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $15,098 swing low to $15,995 high.

On the upside, an immediate resistance is near $15,800, above which the price attempt a break above the $16,000 resistance. If there is a clear break above $16,000, the price could rally towards the $16,200 and $16,500 levels.

Repeat Role of 100 Hourly SMA for BTC?

If bitcoin fails to clear the $15,800 resistance, there could be a short-term downside correction. The first key support is near the trend line and $15,550.

The next major support is near the 100 hourly SMA at $15,400. If there is a clear break below the trend line support and the 100 hourly SMA, the price could start a fresh decline towards the $15,000 support.

Technical indicators:

Hourly MACD – The MACD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support Levels – $15,600, followed by $15,550.

Major Resistance Levels – $15,800, $15,850 and $16,000.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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

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