In the latest financial update from Cheeky Crypto, their leading cryptocurrency analyst delved into the intricate details of Bitcoin’s price movements, noting a recent 4% decrease. The comprehensive analysis spanned various time frames, including hourly, daily, and weekly charts, to predict Bitcoin’s future trajectory.
The analyst’s evaluation presents a complex scenario with short-term corrections juxtaposed against potential upward bounces, yet leaning towards an overall bearish trend. Key to this analysis is the current swing high at $43,475, with speculation about Bitcoin’s ability to breach higher levels, potentially up to $44,700. However, caution is advised due to the dynamic nature of the market, especially in light of the anticipated Bitcoin spot ETF launch.
In this detailed breakdown, terms like “change of characterization” and “break of structure” were used to confirm the bearish trend. Despite these short-term patterns, there’s an underlying possibility of an upward bounce, suggesting a move within a defined range but with warnings of a possibly prolonged bearish phase.
Focusing on the daily time frame, the analysis further explores broader support and resistance levels. It anticipates a corrective move before potentially larger downward corrections. The mention of a Bitcoin spot ETF launch carries a note of caution, foreseeing a ‘sell-the-news’ event with potentially delayed impacts.
The analyst remarked, “There’s a lot of support to potentially be found here. We also have this interesting zone between 39,600 and 40,000 that should hopefully be a good area of support as well. Once we lose all of that, though, I do think we will probably be moving down more towards the 35,735 and 37,653 levels. That’s going to be this fair value gap.”
This comprehensive analysis by Cheeky Crypto provides a nuanced view of Bitcoin’s current market position, offering valuable insights to investors navigating the volatile cryptocurrency landscape.
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