Lokesh Gupta
17-06-2024
#Bitcoin (BTC) is currently facing resistance at the $65,000 mark, a significant level.
Over the last three months, $BTC has been consolidating sideways, forming a bullish flag pattern.
On June 7th, $BTC was rejected from the upper trendline of this consolidation, suggesting continued sideways movement.
The Daily timeframe shows a bearish crossover among the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA), indicating increased bearish sentiment.
The MACD histogram shows a rising red trend, while the RSI is below 50, indicating higher selling pressure.
According to Coin Gabbar analysis, If Bitcoin holds above $65,000, it may target $70,000 as the next psychological resistance level.
Conversely, a break below $65,000 could see support levels at $63,000 initially, with potential further decline to $60,000.
KEY LEVELS :
RESISTANCE LEVEL : $66,800-$68,200
SUPPORT LEVEL : $64,600-$63,500
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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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