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BITCOIN TECHNICAL ANALYSIS CMP-$37,450: Bull Trap or Opportunity?

Key Takeaways
  • During the early morning hours, Bitcoin reached the $38,000 level, a point not witnessed in almost 18 months
  • Bitcoin is near the upper boundary of the ascending channel pattern, facing resistance in its breakout attempt
  • On the daily chart, Bitcoin formed Bullish Engulfing candles yesterday
16-Nov-2023 By: Lokesh Gupta

Bitcoin's rebound from support hints at a new bullish scenario

  • Bitcoin surpasses the $38,000 mark, reaching levels not seen in almost 18 months.

  • Upward trajectory attributed to market optimism regarding the potential approval of a spot Bitcoin ETF by the SEC.

  • Despite setbacks in spot ETF approval for Hashdex and Grayscale, Bitcoin maintains momentum.

  • Market participants closely monitor developments in the SEC's decision on Bitcoin ETFs.

Technical Views:-

  • According to Coingabbar Technical Analysis, Bitcoin experiences a rebound from the ascending trendline, leading to the formation of a Bullish Engulfing candle.

  • The price surpasses the $38,000 threshold once again following the bullish candle.

  • Bitcoin's price movement is characterized by intermittent navigation within an Ascending Channel pattern.

  • On the 4-hour chart, a significant resurgence is observed as the price finds support from the 100-four hourly moving average and the trendline around $35,000.

  • The key question arises: Can Bitcoin break and close above the $38,000 level, potentially paving the way for a move towards $40,000?


RESISTANCE LEVEL : $37,600-$38,000

SUPPORT LEVEL : $36,800-$36,300

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.