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Bitcoin Monday

05 July 2021 | ZebPay Trade-Desk

Bitcoin has been pretty range-bound over the past few days. The asset has been trading between $32,500 to $36,500 levels. The Bitcoin taproot upgrade is due soon, and while the impact of that of the same prices remains to be seen, this development is likely to have a  positive impact on the asset. Volumes have held up well, and the activity across the network is also good. BTC remains the favourite, as the crypto markets ride the recovery trend.

BTC post making the low of $28,800 has shown good signs of recovery and has started moving upwards. Technically, on the four-hour time frame, the asset is trading in an ‘Ascending Triangle’ pattern (This pattern is often considered a continuation pattern, as the price typically breaks out of the triangle in the price direction prevailing before the triangle) where the prices are taking support at the rising trendline. BTC is facing stiff resistance around $36,000 to $36,500. Hence, to further rally the asset needs to trade and close above $36,500.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

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.


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