Cryptocurrency

Gold

Bubble

<ul>
 <li>In the weekly chart, the $BTC price shows a bullish breakout of the rounding bottom with a new all-time high formation. </li>
 <li>BTC price was trading within a rising wedge in the short term, and hence a minor pullback was expected. </li>
 <li>After forming a high near $73,500, BTC broke down from the lower support of the pattern. </li>
 <li>In the short term, #Bitcoin experiences a minor setback as evidenced by higher price rejection within the weekly candle. </li>
 <li>$BTC must stay above the $67,000 support to start a fresh increase in the near term. </li>
 <li>In the 4-hour chart, the BTC price trend breaks under the crucial dynamic support of the 50-EMA. </li>
 <li>BTC is currently within the Bearish Flag Pattern on the hourly chart. </li>
 <li>&nbsp; &nbsp; &nbsp;The breach of the 78.60% Fibonacci retracement level indicates a significant downturn, suggesting a sell-off.</li>
 <li>With the current downfall, the BTC price is potentially heading to the 50% Fibonacci level in the above 4H chart. </li>
 <li>As per the Fib levels, the next support levels that could potentially ignite a bounce back are around $65,000 and $62,000. </li>
</ul>
KEY LEVELS : 
RESISTANCE LEVEL : $69,000-$71,000 
SUPPORT LEVEL : $65,000-$62,000 
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.

Bitcoin Bubble Burst: Is It the End of the Crypto Gold Rush

Coingabbar

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