According to Coingabbar Technical Analysis, Over the last two weeks, Bitcoin's price has stabilized following a surge to $38,400 on November 24.
BTC is currently at a critical juncture, with a resistance zone at $38,000 and crucial support levels, such as the static $35,000 support and the midpoint of the ascending channel.
Examining the 4-hour chart reveals the consolidation reaching the pivotal $38,000 resistance, forming a rising wedge pattern.
The presence of the rising wedge, coupled with an expanded bearish divergence between the price and RSI, suggests the potential for a short-term retracement.
If sellers take control and breach the lower boundary of the wedge, a temporary correction phase is likely, marked by continuous declines.
Key support levels in this scenario include the static $35,000 support level
KEY LEVELS :
RESISTANCE LEVEL : $37,400-$38,000
SUPPORT LEVEL : $36,750-$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.
