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Bitcoin Monday

26th July 2021 | ZebPay Trade-Desk

Bitcoin has witnessed an uptrend over the past couple of days as it skyrocketed from $30,000 to $38,500 levels. The asset finally beat the stiff resistance of $35,000, and since then has rallied upwards. We have also seen volumes build up gradually, as institutional investors seem to be building their positions at these levels. 

Bitcoin last week did not test the support of $28,800 (Previous Low) and reversed from the weekly low of $29,301. Technically on the daily time frame, the asset has made a ‘Bullish Engulfing’ pattern and has surged almost by 35% making ‘Higher High Higher Low’ formation. Bitcoin has faced stiff resistance around $40,000 to $42,500 multiple times in the past. Hence to further rally, the prices need to trade and close above $42,500.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
$28,800$31,000BTC$40,000$42,500

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 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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