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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

Bitcoin Price Just Saw Technical Correction And Fresh Increase Seems Likely

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price corrected lower from $19,650 against the US Dollar. BTC is holding the $19,200 support and might soon start a fresh increase.

  • Bitcoin started a downside correction after it failed to clear the $19,650 zone.
  • The price is trading above $19,200 and the 100 hourly simple moving average.
  • There is a connecting bearish trend line forming with resistance near $19,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh increase if there is a clear move above the $19,350 resistance.

Bitcoin Price Remains Supported

Bitcoin price was able to gain pace for a move above the $19,500 resistance. However, BTC struggled above the $19,600 zone. It traded as high as $19,679 and recently started a downside correction.

There was a correction below the $19,500 and $19,400 levels. The price declined below the 23.6% Fib retracement level of the key increase from the $18,865 swing low to $19,680 high. The price even spiked below the $19,250 level.

However, the bulls were active near the $19,200 support zone. Bitcoin price is now trading above $19,200 and the 100 hourly simple moving average. It is also stable above the 50% Fib retracement level of the key increase from the $18,865 swing low to $19,680 high.

On the upside, an immediate resistance is near the $19,320 level. There is also a connecting bearish trend line forming with resistance near $19,320 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

The first major resistance sits near the $19,500 level. The next major resistance might be $19,650. A clear move above the $19,650 resistance might send the price towards the $20,000 resistance. Any more gains might set the pace for a steady increase towards the $21,200 resistance zone.

Dips Limited in BTC?

If bitcoin fails to rise above the $19,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $19,270 zone.

The next major support is near the $19,200 zone and the 100 hourly simple moving average. A downside break and close below $19,200 might open the doors for a fresh test of the $18,800 support.

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 below the 50 level.

Major Support Levels – $19,270, followed by $19,200.

Major Resistance Levels – $19,320, $19,500 and $19,650.

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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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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

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