Lokesh Gupta
12-01-2024
Spot BTC ETF trading witnessed a sharp surge, reaching a price peak of $49,000.
The daily chart reveals a breach of the ascending channel by BTC, but the breakout is not sustained, prompting a retracement back inside.
Despite the channel breach, BTC faces resistance near the $49,000 level, encountering obstacles from the 61.80% Fibonacci levels, leading to a subsequent drop.
A significant observation on the daily chart is the formation of a long-wicked candle with a small red body, indicating bearish activity as bears sell at higher levels.
There is a potential for a fresh decline in BTC if it moves below the critical $45,500 support zone, which could signal a possible shift in market sentiment.
KEY LEVELS :
RESISTANCE LEVEL : $46,600-$47,300
SUPPORT LEVEL : $45,600-$44,800
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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.
5 months ago
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