Lokesh Gupta
02-12-2023
According to Coingabbar Technical Analysis, Yesterday, Bitcoin broke out of a prolonged consolidation phase.
Bulls regain momentum, breaking out of the range after several unsuccessful attempts.
Bitcoin experienced a 1% increase, reaching $39,000, marking its highest point since April and May 2022.
BTC consistently trades within an ascending channel pattern on the 4-hour chart.
The ascent above $38,000 signifies the completion of an ascending triangle pattern, signaling a potential bull run.
Sellers aiming to halt the uptrend need to hold Bitcoin below $39,000, triggering a potential decline to $36,800 support.
If a strong recovery occurs from $36,800, Bitcoin might consolidate within the $36,800 to $38,000 range for an extended period.
KEY LEVELS :
RESISTANCE LEVEL : $39,200-$39,600
SUPPORT LEVEL : $38,400-$38,000
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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