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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Strong Rally

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin is slowly rising and trading above the $6,750 level against the US Dollar. BTC price must claim the $7,000 resistance to start a strong rally in the near term.

  • Bitcoin is trading in a crucial range below the $7,000 resistance area against the US Dollar.
  • Yesterday’s discussed double top pattern is still active with resistance near $7,000 and support at $6,400.
  • There was a break above a short term contracting triangle with resistance near $6,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair soon start a strong rally above $7,000 or it might dive towards the $6,000 level.

Bitcoin Approaching Next Key Break

After forming a support base near $6,500, bitcoin started a steady increase against the US Dollar. BTC price remained well bid and climbed above the $6,650 resistance area plus the 100 hourly simple moving average.

The bulls remained in action and protected a strong bearish reaction below the $6,500 support area. Recently, there was a break above a short term contracting triangle with resistance near $6,680 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Bitcoin Price

It opened the doors for more upsides above the 50% Fib retracement level of the downward move from the $6,981 high to $6,459 low. Bitcoin price even climbed above the $6,800 resistance area.

The price is currently struggling near the $6,850 level. It seems like the 76.4% Fib retracement level of the downward move from the $6,981 high to $6,459 low is acting as a major hurdle for the bulls.

More importantly, yesterday’s discussed double top pattern is still active with resistance near $7,000 and support at $6,400. If there is a clear break above the $6,850 and $7,000 resistance levels, the price could start a strong rally. The next major resistance is near the $7,500 and $7,650 levels.

Bearish Scenario

If bitcoin fails to continue above the $6,850 and $7,000 resistance levels, it could start a fresh decline. The main support on the downside is near the $6,500 and $6,400 levels.

A successful break and follow through below the $6,400 support might validate the double top pattern and the price is likely to slide towards the $6,000 support.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 55 and 50 levels.

Major Support Levels – $6,650 followed by $6,500.

Major Resistance Levels – $6,850, $7,000 and $7,200.

Take advantage of the trading opportunities with Plus500

Risk disclaimer: 76.4% of retail CFD accounts lose money.

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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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