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.
Complex Market Dynamics and Short-term Outlook
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.
Bearish Trend Confirmation and Long-Term Predictions
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.
