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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin Price Watch: BTC Rebound Reaching Crucial Juncture

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price started a short term rebound and broke the $3,400 resistance level against the US Dollar.
  • This week’s followed major bearish trend line was breached with resistance at $3,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is now approaching a few important resistances, including $3,475, $3,500 and $3,516.

Bitcoin price recovered nicely from the $3,340 swing low against the US Dollar. However, BTC price is still below a few key hurdles near the $3,475 and $3,500 levels.

Bitcoin Price Analysis

Recently, bitcoin price formed a decent support near $3,360 against the US Dollar. The BTC/USD pair started a short term rebound and moved above the $3,400 resistance zone. Buyers managed to overcome selling pressure above the $3,400 and $3,420 pivot levels. The price climbed above the 50% Fib retracement level of the last slide from the $3,560 high to $3,345 swing low. It opened the doors for more gains and the price spiked above $3,450 and the 100 hourly simple moving average.

More importantly, this week’s followed major bearish trend line was breached with resistance at $3,440 on the hourly chart of the BTC/USD pair. The pair tested the $3,475 resistance area, where sellers emerged. Besides, the 61.8% Fib retracement level of the last slide from the $3,560 high to $3,345 swing low acted as a resistance. The price is currently consolidating gains near $3,440 and the 100 hourly SMA. On the downside, there is a decent support formed near $3,420. There is also a connecting bullish trend line formed with support at $3,410 on the same chart. Therefore, buyers could protect declines below $3,400 if there is a downside correction.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price made a nice upward move above $3,400. Having said that, the price is still trading below a few important resistances, including $3,475, $3,500 and $3,516. Unless there is a daily close above $3,516, the price remains at a risk of a fresh drop.

Technical indicators

Hourly MACD – The MACD is likely to move back in the bearish zone.

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

Major Support Level – $3,410

Major Resistance Level – $3,516

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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

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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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