Bitcoin is currently making a higher correction against the US dollar above the $ 4,320 support area. According to popular technical analyst Aayush Jindal, if the bulls could raise the price above $ 6,800 and over 100 SMA (H4), BTC could go higher.
- Bitcoin price seems to be facing a strong resistance zone near the $ 6,800 and $ 7,000 levels.100 simple moving averages (4 hours) hold the key to the next move.
- 100 simple moving averages (4 hours) hold the key to the next move.
- There is a significant bearish trend line formed with resistance at $ 6,680 on the 4-hour chart of the BTC / USD pair (data flow from Kraken).
- According to the analyst, the pair may go above $ 6,800 or drop to $ 5,200.
According to Aayush Jindal, Bitcoin approaches big obstacles
Last week, Bitcoin launched an upward correction after forming a good support base above $ 4,000 against the US dollar. BTC price gained momentum above the $ 4,500 level and traded above the $ 5,000 resistance level. The bulls were able to raise the price above the $ 5,500 resistance. As a result, there was a sharp upward move above the $ 6,000 level. However, the rally encountered a major obstacle near the $ 7,000 level and the 100 simple moving average (4 hours).
There was an uptrend of around $ 6,979 and the price is currently trading at lower levels. Bitcoin increased the 23.6% Fib retracement level of the recovery wave from $ 4,328 to $ 6,979. On the downside, Bitcoin finds strong offers near the $ 5,800 level. The 50% Fib retracement level of the rescue wave from $ 4,328 to $ 6,979 also serves as support.
What are the short-term goals for Bitcoin? Here are the critical points
On the upside, according to the analyst, the bulls face a major obstacle near the $ 6,800 level and the 100 simple moving average (4 hours). There is also a significant bearish trend line formed with resistance near $ 6,680 on the 4-hour chart of the BTC / USD pair. If the pair trending line gains bullish momentum above $ 100 SMA and $ 6,800, there is a strong fluctuation in the near term, towards the $ 7,500 and $ 7,800 levels.
The main support for Bitcoin is near the $ 5,800 level, according to the analyst. The next major support is near the $ 5,200 level and a linked bullish trend line on the same chart, according to the analyst. According to the analyst, a successful break below the $ 5,200 support in Bitcoin could resume the recent decline. According to the analyst, the price is likely to slide towards the $ 4,500 and $ 4,200 support levels, as noted.
Current view of Bitcoin (BTC) price with technical indicators
4 hours MACD: About to return to the MACD bullish zone for BTC / USD.
4 hours RSI (Relative Strength Index): The RSI for BTC / USD is currently well above the 50 level.
Major Support Level: $ 5,800.
Major Resistance Level: $ 6,800.