Lokesh Gupta
15-09-2023
Bitcoin is maintaining its position above $26,200 and appears to be establishing a base for a potential rise beyond $26,850 in the near future. It recently broke the $26,000 resistance level and held firmly above it, closing above the $26,500 resistance. However, the $26,850 resistance is proving to be a challenge for bulls. The latest peak reached around $26,860 before a minor downward correction occurred. Bitcoin is currently trading above $26,400, supported by the 50-hourly Simple Moving Average and a bullish trend line forming near $26,400 on the hourly BTC/USD chart.
In the 4-hour chart, Bitcoin's price remains above the descending wedge pattern and is retesting the channel. The previously resistant level at $26,500 is now providing support. Furthermore, the recent move above the channel range suggests a strengthening bullish trend and raises the likelihood of a breakout targeting prices above $28,000. It's worth noting that Bitcoin is currently holding above the 200 EMA (4-hours), which is seen as a positive indicator.
According to Coingabbar Price Analysis, the market capitalization of BTC stands at $518,092,198,378. The 24-hour trading volume is approximately $2,644,993,916.
KEY LEVELS :
RESISTANCE LEVEL : $26,900-$27,300
SUPPORT LEVEL : $26,200-$25,800
Will Bitcoin hold the $25,000 level? Can the confirmed bullish divergence in Bitcoin counteract a potentially bearish September and set the stage for a positive October? Is Bitcoin currently facing a discount or disaster scenario? Is the present situation more likely to be a dead cat bounce, or is it possibly a bull trap? Please share your views in the box below.
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
Good Sharing
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