14 June 2021 | ZebPay Trade-Desk
BTC has been on a volatile price spree over the last few days. The asset has been fluctuating between $31,000 – $39,000, and currently trades at $38,900 levels. However, the largest asset by market capitalization has been riding an uptrend the past 2 days, and volumes have held up too. As the asset continues to go more mainstream, and adoption among investors and institutions increases, BTC will remain an attractive asset.
BTC witnessed a sharp correction of almost 53 % from its peak of $64,899. Post this the asset was consolidating and trading in the ‘Symmetrical Triangle’ pattern. Last week the prices gave a breakout on the downside and made the weekly low of $31,004.95. Technically, on the daily time frame, the asset has made a ‘Dragonfly Doji’ (Trend Reversal) pattern where the lower longer shadow indicates buying at the crucial support level of $31,111 and has started moving upwards since. BTC may face some stiff resistance around $39,975 to $42,500. For the asset to further rally it needs to break and trade above $42,500 levels.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $31,111 | $34,800 | BTC | $39,975 | $42,500 |
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