Bitcoin Price Prediction, Faces Rejection, Testing Nerve of Bulls
- As the last option expiry of the year approaches, Bitcoin's trading in a tight range.
- Both bullish and bearish sentiments are perplexing the market, creating uncertainty and speculation.
Bitcoin holds $42000 level, with further selling expected below 41,500
According to Coingabbar Technical Analysis, Bitcoin faced resistance at $44,000, indicating a persistent hurdle.
Declining prices raise concerns about a potential downside break below $41,500.
Trading below $43,000 and the 100-hour SMA signals bearish momentum.
BTC found support at the lower trendline of the Ascending Triangle Pattern post $44,000 fall.
Struggles to surpass $44,500 resulted in a double bottom pattern, suggesting a potential local top.
A breakdown below the neckline support at $40,280 might initiate a corrective phase, hinting at further downside for BTC.
KEY LEVELS :
RESISTANCE LEVEL : $43,000-$43,600
SUPPORT LEVEL : $42,200-$41,600
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.
