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Bitcoin Price Prediction, Bull trap or technical correction

Key Takeaways
  • Currently, on the 4-hour chart, BTC is trading within a descending channel pattern
  • Bitcoin encountered resistance at the upper boundary of an ascending channel pattern
  • A shooting star pattern emerged on the 4-hour chart, causing a subsequent decline
03-Nov-2023 By: Lokesh Gupta
Bitcoin Price Predic

Bitcoin couldn't sustain its upward momentum beyond $36,000

Following the Federal Reserve's interest rate announcement, Bitcoin bulls demonstrated a resurgence of vigor, propelling them past the $36,000 resistance threshold. Regrettably, their success proved short-lived, as the market struggled to maintain a price above the $35,000 support level and subsequently sustained itself above the subsequent support level of $34,000. Presently, the market awaits today's release of Non-Farm Employment Change data with bated breath to determine its next move.

Technical Views:-

According to Coingabbar Price Analysis, Over the past week, Bitcoin traded in a $33,000 to $35,000 range, forming a triangular pattern. Following the FOMC outcomes, it broke the $35,000 resistance, briefly reaching $36,000 but faced rejection at the upper boundary of a rising channel pattern. On the 4-hour chart, a shooting star pattern appeared, causing BTC to fall below $35,000, and it is currently trading within a falling channel pattern. If Bitcoin maintains support at $34,000, there is potential for buying and a breakout above the $36,000 resistance. However, a breach below $34,000 could pave the way for a drop to the $30,000 level.

KEY LEVELS :

RESISTANCE LEVEL : $34,700-$35,100

SUPPORT LEVEL : $34,000-$33,700

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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