Bitcoin Technical Analysis & Price Forecast
Aiming to provide accurate and actionable information to its broad reader base, NewsBTC delivers regular bitcoin analysis made by seasoned experts in the field. The benefits of bitcoin technical analysis are plentiful. Perhaps one of the biggest benefits of timely technical analysis is the fact that it helps investors, as well as traders, predict the market trend. Sideways moves, uptrends, downtrends - all of them can potentially be predicted by a thorough, well-researched latest bitcoin analysis. Additionally, bitcoin price analysis could essentially help the investor or the trader determine the best and most profitable entry and exit points. When it comes to trading, timing is critical. With the help of well-made bitcoin technical analysis, one can potentially determine the best time to enter and to exit a trade, thereby allowing for better returns. All of the above aside, a BTC price analysis provides a lot of precious information, helpful for both short term trading and long term investing. Technical charts give a lot of insights which can help traders and investors enter the right positions at the right time.
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Bitcoin News
Breaking News: BREAKING: Bitcoin Price Soars To New All-Time High Above $69,000
Bitcoin
Bitcoin Price At Risk of Another Downside Thrust Before Higher
Aayush Jindal by Aayush Jindal March 7, 2024
Bitcoin price is struggling to settle above the $68,000 resistance. BTC is now consolidating and might decline toward the $63,400 support zone.
Bitcoin price is struggling to gain pace for more gains above the new all-time.
The price is trading above $65,000 and the 100 hourly Simple moving average.
There is a short-term bearish trend line forming with resistance near $67,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend losses and revisit the $63,400 support zone.
Bitcoin Price Faces Hurdles
Bitcoin price started a nasty decline from the new all-time high of $69,218. BTC crashed to $59,150 before it trimmed losses. It climbed back above $65,000, but the bears are now protecting more upsides above the $67,500 level.
A high was formed at $67,635 and the price is now consolidating. It is trading above the 23.6% Fib retracement level of the upward move from the $59,150 swing low to the $67,635 high.
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Bitcoin is still trading above $65,000 and the 100 hourly Simple moving average. Immediate resistance is near the $67,000 level. There is also a short-term bearish trend line forming with resistance near $67,000 on the hourly chart of the BTC/USD pair.
Bitcoin Price
Source: BTCUSD on TradingView.com
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The next key resistance could be $68,000, above which the price could rise toward the $69,200 resistance zone. If there is a clear move above the $69,200 resistance zone, the price could rise toward the $70,000 level. Any more gains might send the price toward the $72,000 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $67,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $66,650 level.
The first major support is $65,000. If there is a close below $65,000, the price could start a decent pullback toward the 50% Fib retracement level of the upward move from the $59,150 swing low to the $67,635 high at $63,400. Any more losses might send the price toward the $62,500 support zone.
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Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $65,000, followed by $63,400.
Major Resistance Levels – $67,000, $68,000, and $69,200.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd
Aayush Jindal
Aayush Jindal
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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