Lokesh Gupta
21-06-2024
#Bitcoin price movements have shown a decline since June 7, when it peaked near $72,000.
The asset encountered resistance at $66,500 and was repeatedly pushed down to around $64,000 this week.
This downward movement correlates with Binance.US losing money transmitter licenses in several states, including North Dakota.
On the 4-hour timeframe, #Bitcoin has formed a falling wedge pattern.
Recently, $BTC price tested the lower boundary of this pattern around the $63,500 zone.
According to Coin Gabbar analysis, A breakout above this pattern could trigger a rally towards higher prices, potentially setting a new all-time high.
Conversely, if the price breaks down from the pattern, it may lead to a more severe decline, possibly causing a flash crash towards $60,000.
KEY LEVELS :
RESISTANCE LEVEL : $65,000-$66,200
SUPPORT LEVEL : $63,000-$61,500
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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.
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