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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

Technicals Point Towards Bitcoin Surge To $10K Despite Some Roadblocks

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin extended its rise above the $9,600 resistance level against the US Dollar. BTC is currently correcting gains, but it is likely to continue higher as long as it is above $9,500.

  • Bitcoin traded further higher above $9,600 and formed a new weekly high at $9,676.
  • The price is currently correcting lower below $9,600, but it is well above the 100 hourly simple moving average.
  • There is a crucial bullish trend line forming with support near $9,510 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could is likely to resume its upside as long as it is above $9,500.

Bitcoin Price Settles Above $9,500

After a successful break above $9,500, bitcoin extended its rally above the $9,600 level against the US Dollar. BTC even broke the $9,650 level and settled well above the 100 hourly simple moving average.

It traded to a new monthly high at $9,676 and it is currently correcting lower. There was a break below the $9,600 level, plus the 23.6% Fib retracement level of the recent upward move from the $9,465 swing low to $9,676 high.

The price is now approaching the $9,550 support zone (the recent breakout area). It is close to the 50% Fib retracement level of the recent upward move from the $9,465 swing low to $9,676 high. More importantly, there is a crucial bullish trend line forming with support near $9,510 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin price settles above $9,500: Source: TradingView.com

As long as the price is above the trend line support, the price could resume its upside above the $9,600 level. An initial hurdle is near the $9,650 level, above which the price might climb towards $9,800. The main target for the bulls in the coming sessions may probably be $10,000.

Dips Likely Supported in BTC

If bitcoin corrects lower, the trend line support and $9,500 might play a major role.  If there is a break below the trend line support, the price could continue to move down towards the $9,420 support area.

Any further losses may perhaps open the doors for a test of the $9,350 level or the 100 hourly simple moving average. The next major support is near the $9,300 level.

Technical indicators:

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

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

Major Support Levels – $9,500, followed by $9,420.

Major Resistance Levels – $9,650, $9,800 and $10,000.

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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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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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