Bitcoin is slowly gaining bullish momentum above $8,800 against the US Dollar. BTC price must settle above the $9,000 barrier to start a convincing rally towards $9,500.
Bitcoin is showing positive signs above the $8,800 resistance area against the US Dollar.
The price remains well supported on dips near the $8,840 and $8,780 levels.
There is a major bullish trend line forming with support near $8,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a massive upward move once it clears the $8,960 and $9,000 resistance levels.
Bitcoin Likely To Regain $9K
Bitcoin seems to be forming a strong base above the $8,670 and $8,700 levels against the US Dollar. BTC price is currently rising and it recently broke a couple of key hurdles near the $8,800 level.
The price even settled above the $8,800 level and the 100 hourly simple moving average. However, the bulls are again struggling to gain momentum above the $8,960 and $9,000 resistance levels.
A high is formed near $8,957 and the price is correcting lower. It is testing the 23.6% Fib retracement level of the recent rise from the $8,676 low to $8,957 high. On the downside, an initial support for bitcoin is near the $8,840 level.
The next major support is near the $8,800 area and the 50% Fib retracement level of the recent rise from the $8,676 low to $8,957 high. More importantly, there is a major bullish trend line forming with support near $8,780 on the hourly of the BTC/USD pair.
Bitcoin Price
On the upside, there are key hurdles visible near the $8,960 and $9,000 levels. A successful close above the $9,000 barrier could really shoot the market sentiment in favor of the bulls. The next major resistance is near the $9,090 level, above which the price is likely to accelerate towards the $9,500 level.
Fresh Bearish Reaction?
The trend line support and $8,800 are important buy zones. If the price fails to stay above the trend line, it could correct lower towards the $8,700 support and the 100 hourly simple moving average.
If the price fails to stay above the $8,680 support and the 100 hourly simple moving average, the bears are likely to aim a test of the $8,500 level in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.
Major Support Levels – $8,800 followed by $8,700.
Major Resistance Levels – $8,960, $9,000 and $9,090.
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.
