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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

TA: Bitcoin Steadies Above $59K, Here’s How Bulls Could Aim Fresh Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price failed to continue higher above $60,800 and corrected lower against the US Dollar. BTC is now holding gains and it is likely to rally above $61,000 unless there is a break below the 100 hourly SMA.

  • Bitcoin is struggling to gain momentum above the $60,000 and $60,500 levels.
  • The price is now trading above the $59,000 level and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $60,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to start a major rally once it clears the $60,050 and $60,500 levels.

Bitcoin Price is Holding Gains

Bitcoin dipped sharply towards the $58,000 support after it was rejected above $60,500. However, BTC remained well bid above the $58,000 zone and it recovered losses.

There was a break above the $59,000 level and the price even climbed above $60,000. A high is formed near $60,677 and the price is currently consolidating. It traded below the 23.6% Fib retracement level of the upward move from the $58,025 low to $60,677 high.

On the downside, the price is finding bids near the $59,250 and $59,100 levels. The 50% Fib retracement level of the upward move from the $58,025 low to $60,677 high is also near the $59,350 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a major contracting triangle forming with resistance near $60,050 on the hourly chart of the BTC/USD pair. If there is an upside break above the $60,050 and $60,200 levels, there are high chances of a fresh rally. In the stated case, the price is likely to surge towards the $61,200 and $62,000 levels in the near term.

Dips Supported in BTC?

If bitcoin fails to climb above $60,050 and $60,200, there could be a short-term downside correction. An initial support on the downside is near the $58,350 level.

The next major support is near the triangle at $58,750 and the 100 hourly simple moving average. If the bulls fail to protect the 100 hourly SMA, there could be a sharp downside break. In the stated case, the price might decline towards the $56,800 level in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing momentum in the bullish zone.

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

Major Support Levels – $59,350, followed by $59,000.

Major Resistance Levels – $60,050, $60,500 and $61,200.

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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

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