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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Key Indicators Suggest Strengthening Case For Upside Break

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price is attempting an upside break above $16,800. BTC could gain bullish momentum if it clears the $16,800 and $17,000 levels.

  • Bitcoin is still trading in a major range below the $16,800 and $17,000 resistance levels.
  • The price is trading above $16,600 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it settles above the $16,800 resistance.

Bitcoin Price Eyes Upside Break

Bitcoin price formed a base above the $16,350 support zone. BTC started a slow increase and was able to clear the $16,650 resistance zone. The price even spiked towards the $16,800 resistance zone.

However, there was no upside break above $16,800. A high was formed near $16,770 and the price started a downside correction. There was a drop below the $16,700 level, but the bulls are active above the $16,600 level.

Bitcoin price is now trading above $16,600 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $16,620 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $16,685 level.

The 50% Fib retracement level of the recent decline from the $16,770 swing high to $16,599 low is also near the $16,685 level. The first major resistance is near the $16,700 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

The 61.8% Fib retracement level of the recent decline from the $16,770 swing high to $16,599 low is also near the $16,700 level. The next major resistance is near the $16,800 level. The main barrier is still near the $17,000 level. A clear close above the $17,000 resistance might start a fresh increase in the near term.

Fresh Drop in BTC?

If bitcoin price fails to surpass the $16,800 resistance, it could start another decline. An immediate support on the downside is near the $16,620 level and the trend line.

The next major support is near the $16,500 level. A clear move below the $16,500 support might send the price towards the $16,350 level. Any more losses might send the price towards $16,000.

Technical indicators:

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

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

Major Support Levels – $16,500, followed by $16,350.

Major Resistance Levels – $16,700, $16,800 and $17,000.

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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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