10 May 2021 | ZebPay Trade-Desk
BTC has been fairly range-bound over the past week. The dominant cryptocurrency by market value continues to benefit from good inflows and volumes. Presently, Bitcoin is trading around $58,500 reflecting a gain of about 1% approximately over the period of 24-hours.
As we can see from the hourly chart above, BTC, after correcting almost 5.5% from $59,500 has started moving upwards and has resisted again exactly at the same level ($59,500). On the technical front, the Moving Average has given a bullish crossover and RSI is also above 50 indicating strength. We anticipate the uptrend to continue until it’s trading above the uptrend line. Hence, we continue to remain bullish on the asset.
| Resistance 2 | $61,205 |
| Resistance 1 | $59,500 |
| BTC | |
| Support 1 | $57,100 |
| Support 2 | $56,286 |
For Bitcoin to go up it needs to break the resistance of $59,500 and if the support level of $57,100 is broken we may see more downside.
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.
