Bitcoin Price Prediction, BTC Jitters, Time to Panic or Bargain Buys

BTC retests $40,000 support, needs $42,500 break for positive trend.

• According to Coingabbar Technical Analysis, Yesterday, BTC formed a Bearish Engulfing candle, signaling a bearish sentiment.

• Currently BTC is trading within a Bearish Flag Pattern on the hourly chart.

• The 4-hour chart illustrates a clear decline today, forming a double top pattern around $44,500, leading to a drop towards the $40,000 zone.

• On the 4-hour chart, Bitcoin has fallen below both the 50-period and 25-period moving averages.

• Additionally, BTC is currently trading within a Rounding Top pattern on the 4-hour chart.

• The RSI is trending downwards below the 50% line, though it has not yet entered oversold territory.

• Anticipated increase in volatility in the coming days, potentially impacting the overall BTC price rally and the year-end closing.

• A potential for bullish momentum if BTC successfully surpasses the $42,350 resistance zone.

• Maintaining support at $40,000 could lead to a recovery, with a target set at the next resistance of $45,000.

• Conversely, a breach of $40,000 support may trigger panic selling, with a potential downward target of $37,500, nearing the channel support.

KEY LEVELS :

RESISTANCE LEVEL : $42,500-$43,000

SUPPORT LEVEL : $41,400-$40,900

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.