Lokesh Gupta
10-06-2024
Speculations of a pump-and-dump are circulating among Bitcoin due to uncertainty over the upcoming Fed interest rate decision.
#Bitcoin price maintains support above $68,500, consolidating for a potential push above $70,000 resistance.
After a bearish reversal last week, the price trend of $BTC is currently testing the support trendline of the ongoing recovery rally.
Market sentiment indicates a potential bullish comeback, signaled by an inverted head and shoulders pattern.
The resistance trendline acts as the neckline of the inverted head and shoulders, suggesting a potential bullish breakout and the start of a new bull run.
#Bitcoin has engaged in sideways trading over the past three weeks, resulting in the formation of flag patterns.
According to Coin Gabbar analysis, A bullish breakout from the resistance trendline of the flag pattern on the daily chart would suggest a continuation of the bullish rally.
Failure to breach the $70,000 resistance could lead to a decline in Bitcoin, with initial support levels at $68,000 and $65,000.
KEY LEVELS :
RESISTANCE LEVEL : $70,800-$72,000
SUPPORT LEVEL : $68,200-$67,000
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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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