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

Bitcoin (BTC), Ethereum, Ripple and BCH Poised for Further Gains

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
Bitcoin Ethereum Ripple Bitcoin Cash Price Analysis

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  • Bitcoin price is consolidating and likely setting up for a fresh rise above $5,050 against the US Dollar.
  • Ethereum, ripple, bitcoin cash and litecoin are trading with a positive bias above key supports.
  • There is a major bullish trend line formed with support at $4,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $5,050 and $5,100 resistance levels to start a fresh increase towards $5,300.

Bitcoin (BTC) is trading with a bullish bias and it could rally above the $5,100 resistance. Altcoins like Ethereum, ripple, bitcoin cash, litecoin and cardano are trading above key supports and likely to trade higher.

Bitcoin Price Analysis

Recently, we saw a decent downside correction from the $5,359 swing high in bitcoin price against the US Dollar. The BTC/USD pair declined below the $5,250 and $5,100 support levels to move into a short term bearish zone. The price traded as low as $4,754 and remained well above the 100 hourly simple moving average. Later, there was a fresh increase above the $4,900 level and the 23.6% Fib retracement level of the last drop from the $5,360 swing high to $4,754 low.

The price recently traded above a connecting bearish trend line with resistance at $4,975 on the hourly chart. The price even traded above the $5,000 level, but it failed to gain momentum above the $5,050 resistance. There was also no convincing break above the 50% Fib retracement level of the last drop from the $5,360 swing high to $4,754 low. At present, the price is trading in a range above the $4,950 and $4,900 supports. There is also a major bullish trend line forming with support at $4,820 on the same chart.

Therefore, there could be range moves in the short term before the price attempts to surpass the $5,050 and $5,100 resistance levels. Looking at altcoins, NANO and ZIL are currently gaining bullish momentum and are up more than 10%. Among the top 10 coins, Ethereum, ripple, bitcoin cash and litecoin are placed nicely above key supports and they are likely to follow bitcoin higher if it clears the $5,100 resistance.

Bitcoin Price Analysis BTC Chart ETH XRP BCH

Looking at the chart, BTC price seems to be consolidating gains above the $4,800 support and the 100 hourly SMA. It is likely to climb above the $5,050 and $5,100 resistance levels. The next key resistance is near $5,250, above which the price is likely to revisit the $5,359 high. Conversely, a close below $4,800 and the 100 hourly SMA might push the price towards the $4,600 area.

Technical indicators:

Hourly MACD – The MACD is slowly moving back in the bearish zone.

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

Major Support Levels – $4,900 followed by $4,800.

Major Resistance Levels – $5,050, $5,100 and $5,200.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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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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