10 Jan 2022 | ZebPay Trade-Desk
BTC hasn’t been able to get the support it usually sees at the top of the month, and correlations broke down a bit, which is why we have seen the asset continue to slide downwards since the start of the year. BTC has fallen by 11% over the past week, and its dominance currently stands at 40.1%, with a market capitalization of $794bn.
At the time of writing, Bitcoin is reflecting a “no-change” in price over the last 24-hour trading cycle.
Source: cryptowat.ch
BItcoin has been trading under the bear shadows for a long time with the continued lower lows and highs formation on the daily charts. The asset struggled after trading in a range for a long time above $45,000 support which eventually broke and now the asset stands to try and maintain above the next support level of $39,500.
There is no indication of a reversal in the market, though the asset might garner some support against $39,500 levels and there can be a relief rally till the $45,000 – $47,000 range. The asset, if broken below $39,500 might test $35,000 too.
$39,000 becomes an important level to watch as it forms 50% Fibonacci Retracement of the rally from $10,500 to ATHs.
Supports : $39,500 and $35,000
Resistance : $43,000, $45,000 and $48,000
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 rdor 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 cryptocurre ncies 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.
