Bitcoin Price Prediction, Is Rally Running Out of Fuel
- Bitcoin's price faced familiar resistance as it struggled to breach its November peak, encountering a setback following the Wall Street opening on November 29.
- The pullback was prompted by U.S. gross domestic product (GDP) figures surpassing expectations.
- Bitcoin is currently on hold, awaiting the Unemployment Claims report and tomorrow's remarks from U.S. Federal Reserve Chair Powell.
Bitcoin stalled at $38,500 resistance, slipping below $38,000.
According to Coingabbar Technical Analysis, A Doji pattern on the daily chart signals market uncertainty.
Failing to surpass $38,500 may prompt a retest of $37,500-$36,800 near channel support.
BTC faces rejection from the top of the Ascending channel pattern.
Attempts to clear the $38,500 resistance zone prove unsuccessful. Current consolidation above the 100 hourly SMA hints at a potential upswing.
Bullish trend persists; expect sideways trade until reaching the ascending triangle apex.
Amid consolidation, the coin price adheres to the expanding channel pattern, guiding a five-week rally.
A possible upside breakout in the coming days could lead to a parabolic surge towards $41,000.
Failure to breach $38,500 resistance may trigger a pullback to $36,700-$35,700 levels soon.
KEY LEVELS :
RESISTANCE LEVEL : $38,100-$38,500
SUPPORT LEVEL : $37,300-$36,900
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.
