Lokesh Gupta
17-02-2024
The daily chart reveals an expanding megaphone pattern, indicating a potential short-term retracement as the upper resistance looms.
Bitcoin encountered resistance at $53,000, leading to a loss of momentum.
Short-term BTC price action is tightly consolidated within a narrow range.
Bulls and bears are locked in a struggle to surpass resistance or breach lower support levels.
On the 4-hour chart, a Bearish pattern emerges with reduced market noise and evident selling interest.
The descending trend in the RSI indicates weakening bullish strength and momentum in the rally.
Failure to breach $53,000 could result in a correction towards the $50,000 to $48,000 range, close to the 61.80% Fibonacci retracement levels.
As per Coin Gabbar analysis, #Bitcoin Price Prediction 2030 would be $200,000, while Bitcoin Price Prediction 2040 is around $500,000.
KEY LEVELS :
RESISTANCE LEVEL : $52,200-$53,000
SUPPORT LEVEL : $51,200-$50,400
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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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