Lokesh Gupta
15-06-2024
#Bitcoin bears successfully executed their trade, causing the price to again fail to surpass the key resistance at $72,000.
After diverging following the April fallout, BTC began its recovery within an ascending parallel channel.
The daily chart indicates the price has broken down the rising channel but suggests a possible bullish reversal.
Despite this, the descending trend might continue as bears attempt to drag levels below the local support at $65,000.
According to Coin Gabbar analysis, If Bitcoin stays above $65,000 and re-enters the channel pattern, it might surpass $70,000.
Conversely, a drop below $65,000 could find support around $63,000, potentially leading to a further decline towards the $60,000 mark.
KEY LEVELS :
RESISTANCE LEVEL : $67,200-$68,500
SUPPORT LEVEL : $65,000-$63,700
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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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