AnalysisBitcoin

Where Is The Bitcoin Price Going From Here? Here are the Key Goals

Where Is The Bitcoin Price Going From Here? Here are the Key Goals

Bitcoin price traded around $ 16,000, the year’s high before correcting the bearish against the US dollar. According to renowned analyst Aayush Jindal, Bitcoin price holds the $ 14,500 support and could start another rally.

  • Bitcoin price started a sharp downside correction after trading near the $ 16,000 resistance.
  • The price dropped below $ 15,000, but still BTC is well above the 100 simple moving average (4 hours).
  • There is a major contract triangle with resistance around $ 15,250 on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
  • The pair could continue its rally after clearing the $ 15,250 and $ 15,300 resistance levels.

Bitcoin price keeps key support! What will happen now?

Recently, Bitcoin began a strong rise above the $ 14,500 and $ 15,000 resistance levels against the US Dollar. The BTC / USD pair even surged above $ 15,500 and settled well above the 100 simple moving average (4 hours). BTC traded near the $ 16,000 level and formed the year’s high before embarking on a sharp downside correction. Then there was a break below the $ 15,500 support level.

btc price
btc price

Bitcoin price dropped below the 50% Fib retracement level of the rise from the $ 13,558 low to $ 16,000. However, the bulls managed to defend the $ 14,500 support zone and the price remained well above the 100 simple moving average (4 hours). Also, the price remained above the 61.8% Fib retracement level of the rise from $ 13,558 to $ 16,000. There appears to be a major contract triangle with resistance near $ 15,250 on the 4-hour chart of the BTC / USD pair.

Here are the levels that the bitcoin price could test soon

To start a new rally, the price must break the triangle resistance zone and the $ 15,300 level. The next major resistance is near $ 15,500, which is likely to take the bulls a $ 16,000 test. If Bitcoin fails to clear the triangle resistance, it could drop below $ 14,800. 

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btc price

The first major support is near the triangle bottom trendline and $ 14,500, according to the analyst. A clear break below the triangle support could steer the price towards the $ 14,000 support zone, according to the analyst. The next major support is close to the $ 13,750 level or the 100 simple moving average (4-hour).

Current view of Bitcoin price with technical indicators

4-hour MACD: The MACD for BTC / USD is slowly losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index): The RSI for BTC / USD has moved above the 50 level.

Major Support Level: $ 14,500.

Major Resistance Level: $ 15,300.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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