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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

Bitcoin Trades Sideways, Technicals Point Chances of Fresh Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price is struggling to gain pace above $63,500 against the US Dollar. BTC could start a fresh rally if it clears $63,500 and $64,000 in the near term.

  • Bitcoin is facing resistance near the $63,500 and $64,000 levels.
  • The price is now trading above $62,500 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with support near $62,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh rally if there is a clear break above $63,500.

Bitcoin Price Consolidates

Bitcoin price made another attempt to gain traction above the $63,500 and $64,250 resistance levels. However, BTC failed to settle above the $63,500 level and started a fresh downside correction.

There was a sharp decline below the $62,000 support zone and the 100 hourly simple moving average. The price even spiked below $61,000. A low was formed near $60,810 and it is now correcting losses. There was a break above the $62,000 resistance zone and the 100 hourly SMA.

Bitcoin surpassed the 50% Fib retracement level of the recent decline from the $64,327 swing high to $60,810 low. It is now consolidating above the $62,000 level and the 100 hourly SMA.

On the upside, an immediate resistance is near the $62,800 level. The first major resistance is near the $63,000 level. There is also a major contracting triangle forming with support near $62,000 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The main resistance is still near the $63,500 level. It is near the 76.4% Fib retracement level of the recent decline from the $64,327 swing high to $60,810 low. A clear break above $63,500 resistance may possibly call open the doors for a fresh rally. The next major resistance sits near the $65,000 level.

Fresh Dip In BTC?

If bitcoin fails to clear the $63,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $62,200 level.

The first major support is now forming near the $62,000 level and the triangle lower trend line. A clear close below the $62,000 support could open the doors for a move towards the $60,000 level.

Technical indicators:

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

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

Major Support Levels – $62,000, followed by $60,800.

Major Resistance Levels – $62,800, $63,500 and $64,000.

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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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