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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

TA: Bitcoin Price Recovers But Here’s What Could Trigger Another Decline

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin is attempting a recovery wave above $21,500 against the US Dollar. BTC must clear the $22,650 resistance zone to move into a positive zone.

  • Bitcoin is slowly moving higher above the $21,400 and $21,500 levels.
  • The price is now trading above the $21,400 level and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $22,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could recover higher, but the bears might remain active near the $22,650 zone.

Bitcoin Price Attempts Recovery

Bitcoin price seems to be forming a base above the $21,000 support zone. BTC is slowly moving higher above the $21,200 and $21,400 levels.

There was a minor increase above the $21,500 resistance zone and the 100 hourly simple moving average. The price even spiked above the 23.6% Fib retracement level of the key drop from the $24,416 swing high to $20,797 low.

However, the price failed to settle above the $21,650 resistance zone. Bitcoin is now trading above the $21,400 level and the 100 hourly simple moving average.

On the upside, an immediate resistance is near the $21,650 and $21,700 levels. The first major resistance on the upside sits near the $22,000 level. The next key resistance could be near the $22,500 zone. There is also a major bearish trend line forming with resistance near $22,400 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The main hurdle could be near the $22,650 zone. It is close to the 50% Fib retracement level of the key drop from the $24,416 swing high to $20,797 low. If there is an upside break above the $22,650 resistance zone, the price may perhaps rise towards the $23,500 resistance zone. Any more gains might send the price towards the $24,000 resistance zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $22,500 resistance zone, it could start another decline. An immediate support on the downside is near the $21,400 level and the 100 hourly simple moving average.

The next major support now sits near the $21,000 level. A clear move below the $21,000 support might increase selling pressure in the near term. In the stated case, the price might decline towards the $20,000 level.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $21,400, followed by $21,000.

Major Resistance Levels – $21,650, $22,000 and $22,650.

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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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