Lokesh Gupta
29-12-2023
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.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
5 months ago
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