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Breaking News: WLFI Price Dips 7% As Eric Trump Leaves World Liberty Treasury Company ALT5 Sigma

This Simple Technical Pattern Could Resend Bitcoin Price Above $9,000

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin declined heavily from the $10,000 resistance against the US Dollar. BTC is currently correcting higher and it seems like the bulls are likely to push the price back above $9,000.

  • Bitcoin found support above the key $8,200 and $8,000 pivot levels.
  • A low is formed at $8,267 and the price is currently correcting higher.
  • There is a short term bearish trend line forming with resistance near $8,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • It seems like there is an inverse head and shoulders pattern forming with resistance near $8,800.

Bitcoin Could Start Fresh Increase

After a strong rally, bitcoin price failed to settle above the $10,000 resistance against the US Dollar. BTC price started a nasty decline below the $9,000 support and the 100 hourly simple moving average.

The bears were able to push the price below the $8,500 support, but it found support above the key $8,200 and $8,000 pivot levels. A low is formed near the $8,267 level and the price is currently correcting higher.

There was a break above the $8,500 resistance level. Bitcoin is now trading above the 23.6% Fib retracement level of the downward move from the $10,078 high to $8,267 low. On the upside, the $8,800 level is acting as a major hurdle for more gains.

It seems like there is an inverse head and shoulders pattern forming with resistance near $8,800. More importantly, there is a short term bearish trend line forming with resistance near $8,800 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Bitcoin Price

In the short term, there could be a minor dip to form the right should properly near the $8,550 zone. To start a sustained upward move, the price must clear the trend line resistance at $8,800.

The next key resistance is near the $9,100 and $9,150 levels. The 50% Fib retracement level of the downward move from the $10,078 high to $8,267 low might also act as a hurdle near $9,175 in the near term.

Downside Continuation?

If bitcoin price fails to clear the $8,800 resistance, it could resume its decline below the $8,600 and $8,550 levels. The first key support is near the $8,200 level.

The next major support is waiting near the $8,000 level (as discussed in the weekly analysis). If there is a bearish close below $8,000, the price could start another significant decline towards $7,500.

Technical indicators:

Hourly MACD – The MACD is currently moving nicely in the bullish zone.

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

Major Support Levels – $8,600 followed by $8,550.

Major Resistance Levels – $8,800, $9,000 and $9,175.

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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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