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Bitcoin Monday

Bitcoin (BTC) seems to be gearing up for another comeback, as over the past few days it has been witnessing a slight uptrend in volumes, and has been fluctuating around the $40,000 mark. Last week, the asset saw a good recovery, closing in on $42,500, which is the next stiff resistance it faces. The asset has held on to the prices, which is a good sign after it recovered close to 25% over the course of last week. Finally, after three troubling months, the asset has started to trend positively, as last week it ended multiple trading sessions, closing in the green.

After closing in green for ten straight trading sessions, Bitcoin surged almost 44% from its recent low of $29,501 to a high of $42,605. The asset has resisted at a crucial level of $42,500 and has made a ‘Bearish Harami’ pattern and has corrected almost by 8%. Hence, we conclude that to further rally BTC needs to sustain and close above $42,500.

Resistance 2$46,600
Resistance 1$42,500
Support 1$35,500
Support 2$28,800

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 the Author is for informational purposes only and should not be treated as investment advice.


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