Bitcoin and some other altcoins like ATOM, CHZ and APE are facing resistance at higher levels, but chart patterns suggest the current rally could last for a few more days. The US stock markets rebounded strongly last week, putting the three-week losing streak to an end. Continuing its close correlation with the U.S stock markets, Bitcoin also made a strong comeback, attempting to end the week with gains of more than 7%. The asset is trading at about 2.6% and 1.4% increase in price and volume respectively in the last 24 hours. BTC’s dominance is at 39.84%.
At the time of writing, BTC was trading at $21,677.
BITCOIN was trading in a ‘Rising Channel Pattern’ and after facing stiff resistance at the upper trendline of the pattern, it witnessed a sharp correction and broke the pattern on the downside, making the low of $18,510. Though BTC gave a breakout on the downside, it did not test the previous bottom of $17,622 and reversed from $18,510. The asset showed signs of recovery and rallied up to the $22k mark. BTC is facing strong resistance at around $22,000 (Upsloping Trendline of the Rising Channel). If it closes above the resistance of $22k then we can expect the prices to further rally up to $28k levels.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $17,500 | $20,750 | BTC | $22,000 | $28,500 |
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 cryptos 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.
