Bitcoin price is showing positive signs above the $7,400 resistance area against the US Dollar.
The price is likely to clear the $7,560 and $7,600 resistances to continue higher.
There is a major bullish trend line forming with support near $7,490 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could rally once there is a successful close above $7,600 and $7,700 in the coming days.
Bitcoin price is trading in a positive zone above $7,400 against the US Dollar. BTC is likely to test the $8,000 resistance as long as it is above the $7,160 swing low.
Bitcoin Price Analysis
In the past few sessions, there was a steady rise in bitcoin above the $7,320 resistance against the US Dollar. Moreover, BTC price broke the $7,400 resistance area and settled above the 100 hourly simple moving average.
Finally, the price climbed above the $7,500 area and tested the $7,600 resistance area. A high is formed near $7,585 and the price is currently correcting lower.
It broke the $7,550 level, plus the 50% Fib retracement level of the recent wave from the $7,400 low to $7,585 high. Besides, the price spiked below the $7,500 support area.
However, bitcoin buyers were able to protect any further losses below $7,480. Additionally, the 61.8% Fib retracement level of the recent wave from the $7,400 low to $7,585 high also acted as a decent support.
More importantly, there is a major bullish trend line forming with support near $7,490 on the hourly chart of the BTC/USD pair. Therefore, a downside break below the trend line support and $7,500 could trigger an extended downside correction.
The next major support is near the $7,440 level and the 100 hourly simple moving average. Any further losses will most likely lead the price towards the $7,355 level. It represents the 1.236 Fib extension level of the recent wave from the $7,400 low to $7,585 high.
On the upside, there are a few important resistances near $7,580 and $7,600. A successful close above $7,600 and a follow through above $7,700 is likely to start a strong rally towards the $8,000 resistance zone.
Bitcoin Price
Looking at the , bitcoin price is clearly showing a lot of positive signs above the $7,400 and $7,440 support levels. In the coming days, there are chances of a decent and steady rise towards the $8,000 level as long as there is no close below $7,160.
Technical indicators:
Hourly MACD – The MACD is about to move back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level.
Major Support Levels – $7,500 followed by $7,440.
Major Resistance Levels – $7,580, $7,600 and $7,700.
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.
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.
