BTC's long-wick rejection suggests prolonged consolidation
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Speculations of a pump-and-dump are circulating among Bitcoin due to uncertainty over the upcoming Fed interest rate decision.
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#Bitcoin price maintains support above $68,500, consolidating for a potential push above $70,000 resistance.
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After a bearish reversal last week, the price trend of $BTC is currently testing the support trendline of the ongoing recovery rally.
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Market sentiment indicates a potential bullish comeback, signaled by an inverted head and shoulders pattern.
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The resistance trendline acts as the neckline of the inverted head and shoulders, suggesting a potential bullish breakout and the start of a new bull run.
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#Bitcoin has engaged in sideways trading over the past three weeks, resulting in the formation of flag patterns.
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According to Coin Gabbar analysis, A bullish breakout from the resistance trendline of the flag pattern on the daily chart would suggest a continuation of the bullish rally.
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Failure to breach the $70,000 resistance could lead to a decline in Bitcoin, with initial support levels at $68,000 and $65,000.
KEY LEVELS :
RESISTANCE LEVEL : $70,800-$72,000
SUPPORT LEVEL : $68,200-$67,000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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