Lokesh Gupta
01-02-2024
#Bitcoin price encountered difficulty surpassing the $43,800 resistance level, initiating a subsequent decline.
Post the Federal Reserve's decision to pause interest rates, #Bitcoin underwent a 2% dip, reflecting diminished expectations for imminent rate cuts.
A detailed analysis of the 4-hour chart highlights a significant downturn below the lower boundary of an ascending flag pattern.
This downward trajectory guides the price towards a stable support zone, centering around $39,000.
Additionally, there's a potential interaction with the notable 0.5 level of Fibonacci retracement, suggesting a rebound possibility.
The 4-hour chart signals the formation of an inverted head and shoulders pattern, hinting at a potential trend reversal.
$BTC failure at $43,800 sparks worry, paving the way for a potential drop, eyeing $39,000 as a looming target soon.
As per Coin Gabbar analysis, $Bitcoin Price Prediction 2030 is $200,000, while Bitcoin #PricePrediction 2040 exceeds $500,000.
KEY LEVELS :
RESISTANCE LEVEL : $42,700-$43,500
SUPPORT LEVEL : $41,650-$41,000
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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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