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Bitcoin Takes a Big Hit: Main Reasons Why Recovery Could Face Sellers
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Takes a Big Hit: Main Reasons Why Recovery Could Face Sellers

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read

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Bitcoin is down more than 5% and it broke the key $9,300 support zone against the US Dollar. BTC traded as low as $9,089 and it is currently correcting higher towards hurdles.

  • Bitcoin declined sharply after it was rejected one more time near the $10,000 level.
  • There was a break below many key supports near $9,500 and $9,300.
  • There is a short term contracting triangle forming with resistance near $9,340 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct further, but upsides are likely to face sellers near $9,400 and $9,500.

Bitcoin Price Turns Red

After another crucial rejection near the $10,000 level, bitcoin price started a major bearish wave against the US Dollar. BTC gained bearish momentum below the $9,800 and $9,500 support levels.

It weakened more than 5% to settle below the $9,500 level and the 100 hourly simple moving average. The decline was such that the price even broke the $9,300 support and traded to a new weekly low at $9,089.

Bitcoin is currently correcting higher and trading above the $9,250 level. It surpassed the 23.6% Fib retracement level of the recent decline from the $9,988 high to $9,089 low. It seems like there is a short term contracting triangle forming with resistance near $9,340 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Bitcoin Price

The pair could correct further above the triangle resistance and $9,350. However, the pair is likely to face a lot of hurdles near the $9,400 and $9,500 levels (the previous key supports).

The next key resistance could be near the $9,540 level or the 50% Fib retracement level of the recent decline from the $9,988 high to $9,089 low. Any further gains could decrease the bearish pressure and the price might recover towards the $9,800 resistance.

More Losses in BTC?

Once bitcoin price completes the current correction wave near $9,400 or $9,500, it is likely to resume its decline. An initial support on the downside is near the $9,300 level.

The next major support is near the $9,100 level, below which there is a risk of more losses below the $9,000 handle in the coming sessions. In the stated case, the price could revisit $8,800.

Technical indicators:

Hourly MACD – The MACD is slowly reducing its bearish slope and it could move into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering higher towards 40.

Major Support Levels – $9,300 followed by $9,100.

Major Resistance Levels – $9,400, $9,500 and $9,540.

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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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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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