Bitcoin (BTCUSD) May Decline to $35,000, Predicts Analysts

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more

Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


BTCUSD Could Pullback Due to the $38,000 Resistance

BTCUSD faces the prospect of retracing to the $35,000 support level, having encountered resistance at $38,000. Despite the bullish momentum that propelled the price up by over 42% in a remarkable four-week span, reaching from $26,300 to the formidable $38,000 resistance level, the cryptocurrency now grapples with breaking through this barrier.

BTCUSD Key Levels
Supply Levels: $38,000, $42,570, $46,000
Demand Levels: $35,000, $33,700, $28,000

Bitcoin (BTCUSD) May Decline to $35,000, Predicts Analysts

Bitcoin is anticipated to spend the next three weeks in a persistent attempt to breach the $38,000 resistance. Due to this challenge of having to toil against the resistance, it is expected that the vigor of the bulls may begin to diminish, opening up the possibility of a retracement to the $35,000 support level.

The Parallel SAR (Stop and Reverse) dots, when analyzed on the daily chart, continue to be placed strategically below the candlesticks, confirming the market’s bullish outlook. However, signs of a potential weakening emerge as the Stochastic Oscillator lines exhibit a diminishing intensity, with the line dropping below the overbought region border and fluctuating below it.

Bitcoin (BTCUSD) May Decline to $35,000, Predicts Analysts

Market Expectations

On the 4-hour timeframe, indications point towards market consolidation beneath the $38,000 resistance level. The Parabolic SAR Stop and Reverse dots alternate around the candles, emphasizing the struggle at this key resistance level. Simultaneously, the Stochastic lines display a ranging pattern from one end to the other. Despite ongoing bullish pressure, the likelihood persists that the price may eventually retreat to the $35,000 level.

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, presented product, or event. We are not responsible for your investment results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *