Lokesh Gupta
22-11-2023
Bitcoin's recent climb has faced barriers near the $38K threshold.
Bitcoin prices saw a decline today following the release of the latest FOMC minutes.
Buyers anticipate initial support at the mid-boundary of the ascending channel on the long time frame work and the $35,00 support zone.
According to Coingabbar Technical Analysis, Triple-top pattern identified, signaling a bearish outlook.
Extended bearish divergence between price and RSI signals short-term decline, reflecting weakened bullish momentum.
Bitcoin price retraced to the lower side of the ascending channel before rebounding on the 4-hour chart.
A Bearish Engulfing pattern emerged on the daily BTC chart, suggesting weakness.
Bitcoin is trading between key levels: seller congestion at $38,000 and support at $36,000.
Trading on either side of this range holds the potential for bullish or bearish outcomes for BTC.
KEY LEVELS :
RESISTANCE LEVEL : $37,000-$37,500
SUPPORT LEVEL : $36,300-$35,700
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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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