Bitcoin Price Prediction, Confidence Soars, but is a Fall Lurking
- BTC is currently positioned above the $42,500 mark and the 50-hour SMA.
- On the hourly chart of the BTC/USD pair, a significant bullish trend line is taking shape, indicating support in the vicinity of $42,200.
- A potential upward trajectory for the pair is anticipated, contingent on a decisive breach of the $43,500 resistance level.
Bitcoin bulls stall at $43,500, retreat; resistance holds.
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According to Coingabbar Technical Analysis, Bitcoin has established a support base above $40,000.
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BTC is currently facing challenges in surpassing the resistance at $43,500 and is in a consolidation phase.
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The hourly chart reveals resistance from the Descending Trendline.
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A Doji Star candle formed yesterday, signaling a potential Bearish Reversal.
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The pivotal inquiry revolves around whether BTC will exceed the thresholds of $43,500 and $45,000, potentially surging to the $50,000 mark.
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Conversely, there exists the prospect of breaking the $40,000 barrier and retracing towards the $35,000 level.
KEY LEVELS :
RESISTANCE LEVEL : $43,500-$44,200
SUPPORT LEVEL : $42,500-$42,000
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.
