“These Levels Can Be Seen Before A New Increase!”: Here’s Bitcoin Target Levels
According to popular analyst Aayush Jindal, BTC is currently correcting at lower levels and can test $ 10,700 before a new increase.
- Bitcoin shows a sign of a downside correction below the $ 11,200 level.
- The price is likely to find a strong buying interest near the $ 10,700 level.
- There was a break below a critical bullish trend line on the hourly chart of the BTC / USD pair (data flow from Kraken) with support near $ 10,900.
- According to the analyst, the pair may start a new increase as long as it is above $ 10,700 and $ 10,300.
Analyst: Bitcoin price could test $ 10,700 before a new increase
After an upside correction of $ 11,400, Bitcoin found support near the $ 10,700 level against the US dollar. BTC offered above the $ 10,700 level and the 100 hourly simple moving average. The price went above $ 11,000 but struggled to gain strength above the $ 11,200 level. There is a high level around $ 11,195, and the price is currently lower.
Leading cryptocurrency traded below the $ 11,100 and $ 11,000 levels. There was a break below a critical bullish trend line with support near $ 10,900 on the hourly chart of the BTC / USD pair. The pair is currently testing the 50% Fib retracement level of the move from $ 10,599 to $ 11,195.
Here are the levels and pivot points that Bitcoin price can see today
The next major support is near the $ 10,820 level, according to the analyst. The price rose to the 61.8% Fib retracement level of the last upward move. The main support is near the $ 10,700 level, according to the analyst. According to a successful closing analyst below the $ 10,700 level, it may cause an extended drop. According to the analyst in question, the price is likely to test the $ 10,300 support zone.
When the current correction wave is complete, it is likely that the price of Bitcoin will continue its upward movement above $ 11,000. According to the first major resistance analyst, it is near the $ 11,200 level. According to the analyst, a successful close above the $ 11,200 level is needed to start a new increase. Increasingly, the next major resistance is near the $ 11,400 and $ 11,500 levels. Subsequent gains could open the doors to push the price towards the main resistance level of $ 12,000 in the near term, according to the analyst.
Current view of Bitcoin price with technical indicators
Hourly MACD: For the BTC / USD pair, MACD is currently gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is now correcting towards the 50 level.
Major Support Levels: $ 10,700 followed by $ 10,300.
Major Resistance Levels: $ 11,200, $ 11,400 and $ 11,500.