Lokesh Gupta
25-04-2024
#Bitcoin faced formidable resistance at the $67,000 mark, failing multiple attempts to breach this level.
The unraveling occurs amidst unexpected twists and turns in the misunderstood dynamic between Blackrock and HBAR.
Despite concerted efforts to surpass notable hurdles like $67,000, $67,200, and the 50-day EMA, Bitcoin's price encountered resistance and experienced a decline.
Following the failure to breach key resistance levels, a short-term topping pattern materialized, resulting in a downward movement below $65,000.
Present price dynamics indicate the emergence of a bullish flag pattern, signaling a potential corrective phase in the near term.
Despite challenges, #Bitcoin shows resilience with a potential double-bottom pattern forming around $63,650, establishing strong support.
Traders should watch if Bitcoin closes daily above $64,000. Failing this, consider short positions targeting $60,000.
According to Coin Gabbar analysis, Lower prices could see increased liquidity, aiding a significant trend reversal post $70,000 breakout.
KEY LEVELS :
RESISTANCE LEVEL : $65,200-$67,200
SUPPORT LEVEL : $63,000-$61,700
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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