What’s Next For Bitcoin Price? Here Are The Key Levels From The Famous Analyst
Bitcoin price traded above the $ 14,000 resistance before correcting lower against the US Dollar. According to renowned analyst Aayush Jindal, Bitcoin price is currently consolidating gains and must remain above the 100-hour SMA for a fresh increase.
- Bitcoin price started a downside correction after forming a high near the $ 14,080 level.
- The price is trading above the $ 13,600 support and the 100 hourly simple moving average.
- There is a major bullish trend line formed with support around $ 13,580 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair needs to stay above the $ 13,550 and 100 hourly simple moving average to continue higher.
Famous analyst Aayush Jindal: 100 SMA is very important for bitcoin price!
Last week, there was a steady rise in bitcoin price above the $ 13,500 resistance. BTC broke the $ 13,800 resistance and settled well above the 100 hourly simple moving average. The price climbed above the $ 14,000 resistance before starting a downside correction. There was a break below the $ 13,800 support level. The price also traded below the 50% Fib retracement level of the move from $ 13,430 to $ 14,076.
However, the price continued to bid above the $ 13,600 and $ 13,500 support levels. There is also a major bullish trend line formed with support near $ 13,580 on the hourly chart of the BTC / USD pair. The trendline is near the 61.8% Fib retracement level of the move from the $ 13,430 low to $ 14,076. The 100 hourly simple moving average also follows the $ 13,850 trend line.
Here are the critical levels that Bitcoin can see in the short term.
As long as Bitcoin price is above the trendline support and the 100 hourly SMA, it could initiate a new surge. On the upside, the initial resistance is near the $ 13,800 level. The main resistance is near the $ 14,000 level, according to the analyst. A successful close above the $ 14,000 resistance could open the doors for a sharp rise towards $ 14,400 and even $ 14,500, according to the analyst.
If Bitcoin does not stay above the $ 13,600 and $ 13,580 support levels, there is a risk of a downside breakout. The first key support below the 100-hour SMA is near the $ 13,500 level, according to analyst. A downside break below the $ 13,500 level could lead to a fresh boost in sales, according to the analyst. In the case mentioned, the bears may test the $ 13,000 support level in the coming days.
Current view of Bitcoin price with technical indicators
Hourly MACD: The MACD for the BTC / USD pair is moving slowly in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently well below the 50 level.
Major Support Levels: $ 13,580 followed by $ 13,500.
Major Resistance Levels: $ 13,800, $ 13,880 and $ 14,000.