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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Bitcoin Revisits Key Support, Here’s What Could Trigger Sharp Increase

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Bitcoin

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Bitcoin price extended its decline below the $54,000 level against the US Dollar. BTC is holding the $52,500 support, but it must clear $54,000 for a fresh increase.

  • Bitcoin failed to stay above the $54,000 support and extended its decline.
  • The price is now facing resistance near $54,000 and the 100 hourly simple moving average.
  • There is a major declining channel forming with resistance near $54,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally above $54,000 or it might extend its decline towards $50,000.

Bitcoin Price is Facing Hurdles

Bitcoin struggled to continue higher above $55,000 and it started a fresh decline. BTC broke the $54,000 and $53,500 support levels.

There was also a close below the $54,000 level and the 100 hourly simple moving average. The price tested the $52,500 support zone. A low is formed near $52,375 and the price is now consolidating losses. It recovered above the $53,200 level.

There was a break above the 23.6% Fib retracement level of the downward move from the $56,545 swing high to $52,375 low. It seems like the price is now facing resistance near $54,000 and the 100 hourly simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a major declining channel forming with resistance near $54,000 on the hourly chart of the BTC/USD pair. The next major resistance is near the $54,500 level. It is near the 50% Fib retracement level of the downward move from the $56,545 swing high to $52,375 low.

A successful break above the channel resistance and then a break above the $54,500 level could set the pace for a fresh increase towards the $56,500 level. The next major resistance above $56,500 could be $58,000.

More Losses in BTC?

If bitcoin fails to clear the $54,000 resistance and the 100 hourly SMA, there is a risk of more downsides. An initial support on the downside is near the $52,500 level.

A proper break and close below the $52,500 level is likely to set the pace for another 5% decline. In the stated case, the price could decline towards the $50,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $52,500, followed by $50,000.

Major Resistance Levels – $54,000, $54,500 and $56,500.

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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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