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.
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.
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.