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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Just Plunged From $10k, But This Data Shows Bulls Are Still in Control

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin BTC

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Bitcoin climbed higher nicely above $9,800, but it failed near $10,000 against the US Dollar. BTC price is currently declining, but it is likely to find support near $9,640 and $9,500.

  • Bitcoin price failed again to gain strength above the $10,000 resistance area against the US Dollar.
  • It is down more than $250, but there are still many supports on the downside near $9,650.
  • There is a major bullish trend line forming with support near $9,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could dip a few points, but it is likely to bounce back from $9,650 or $9,500.

Bitcoin Remains Supported

In the past few sessions, there was a steady increase in bitcoin price above the $9,650 and $9,800 levels against the US Dollar. BTC even traded above the $9,880 resistance and settled above the 100 hourly simple moving average.

Finally, the price tested the $10,000 resistance area, where the bears emerged. The bulls made two attempts to push the price above $10,020, but they failed. As a result, there was a sharp bearish reaction below the $9,880 and $9,800 levels.

Bitcoin declined more than $250 and it seems like it was rejected near the $10,000 area. The recent decline was such that the price spiked below $9,750 and the 100 hourly simple moving average.

However, the decline was protected by the $9,650 support area. The price is back above $9,700 and the 23.6% Fib retracement level of the recent decline from the $10,020 high to $9,599 low.

More importantly, there is a major bullish trend line forming with support near $9,750 on the hourly chart of the BTC/USD pair. The pair is now consolidating above the trend line, below which it could revisit the key $9,650 support area.

Bitcoin Price
Bitcoin Price

The next major support is near the $9,500 level, where the bulls are likely to take a stand. Any further losses may perhaps lead the price back towards the $9,340 support area.

Another Increase?

As long as bitcoin is trading above $9,500, it could bounce back. An initial hurdle on the upside is near the $9,800 level. It represents the 50% Fib retracement level of the recent decline from the $10,020 high to $9,599 low.

If there is a clear break above $9,800, the bulls are likely to make another attempt to clear the $10,000 and $10,020 resistance levels.

Technical indicators:

Hourly MACD – The MACD is slowly gaining strength in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level, with a few bearish signs.

Major Support Levels – $9,650 followed by $9,500.

Major Resistance Levels – $9,800, $10,000 and $10,020.

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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

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