Bitcoin Price Prediction, Bears Rule as Bulls Retreat

Key Takeaways
  • The price trend of BTC exhibits a reversal after encountering resistance at $38,000, leading to a subsequent pullback phase.
  • On November 24, the Bitcoin price surged to reach a local peak at $38,400, subsequently retracing to $37,100.
  • Presently, Bitcoin is situated beneath both $37,500 and the 100-hourly moving average.
27-11-2023 By: Lokesh Gupta
Bitcoin Price Prediction, Bears Rule as Bulls Retreat

Bitcoin is facing challenges in establishing stability above $38,000.

  • According to Coingabbar Technical Analysis, The 4H chart shows that the BTC/USD pair has formed an ascending channel in the past two months.

  • Bitcoin attempted to breach the upper side of the channel but was unsuccessful, leading to a subsequent fall.

  • Bulls are facing challenges in overcoming the $38,000 resistance.

  • Bitcoin's daily chart reveals the formation of a bullish flag pattern.

  • Despite this pattern, BTC is encountering difficulties in achieving a breakout.

  • A successful bullish breakout from the flag pattern has the potential to propel BTC's price above $40,000.

KEY LEVELS :

RESISTANCE LEVEL : $37,500-$38,000

SUPPORT LEVEL : $36,800-$36,300

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.

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