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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Holding Strong At $11K, But 100 SMA Holds The Key To Start Fresh Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin crashed more than $1,500 from the $12,115 high against the US Dollar. BTC is currently consolidating above $11,000 and it must surpass the 100 hourly SMA for a fresh rally.

  • Bitcoin is holding a couple of important supports near the $11,000 and $10,850 levels.
  • The price seems to be facing a strong resistance near the 100 hourly SMA and $11,450.
  • There is a key contracting triangle forming with resistance near $11,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the 100 hourly SMA and $11,450 to start a fresh rally.

Bitcoin Price is Consolidating Losses

There was a strong increase in bitcoin price above the $11,000 and $11,500 levels against the US Dollar. BTC even broke the $12,000 level and traded to a new multi-month high above $12,100.

A high was formed near $12,115 high before the price crashed more than $1,500. It broke many key supports near $11,500 and $11,000. There was a spike below the $10,850 support, but the price stayed above the main $10,500 support zone.

A low is formed near $10,591 and the price is currently correcting higher. There was a break above the $11,000 resistance, plus the 23.6% Fib retracement level of the recent decline from the $12,115 high to $10,591 low.

However, the price seems to be struggling to clear the $11,200 and $11,250 resistance levels. The 100 hourly simple moving average is positioned near the $11,300 level to prevent an upside break. There is also a key contracting triangle forming with resistance near $11,200 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin price trades above $11,000. Source: TradingView.com

The pair must clear the triangle resistance and the 100 hourly SMA to start a fresh increase. The next major resistance is near the $11,450 and $11,500 levels. It is close to the 50% Fib retracement level of the recent decline from the $12,115 high to $10,591 low.

A successful close above the $11,500 level will most likely push the price back into a bullish zone. In the mentioned case, the price is likely to climb back towards the $12,000 resistance.

Fresh Decline in BTC?

The triangle support is near the $11,000 level, below which bitcoin price might retest the $10,850 support level in the near term.

The main support is near the $10,600 and $10,500 levels, below which the bears are likely to aim a larger decline (may be towards $10,000).

Technical indicators:

Hourly MACD – The MACD is slowly moving back into the bullish zone.

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

Major Support Levels – $11,000, followed by $10,850.

Major Resistance Levels – $11,200, $11,300 and $11,450.

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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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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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