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Bitcoin Monday

16th August 2021 | ZebPay Trade-Desk

BTC crossed the $47,000 mark today, which is the highest it has been since the mid-May sell-off that took place. However, Bitcoin (BTC) is facing a stiff challenge from the bears near the $48,000 mark, which now acts as a crucial resistance level for the asset. The good news is that even at these levels, buying is happening, which is a bullish signal, showing that the longer-term sentiment is positive, which is probably the reason why the asset is showing good momentum.

BTC is trading in a rising wedge channel where the upper line of the channel is acting as a stiff resistance. The asset is consolidating with declining volumes which indicates indecisiveness at these levels. If the breakout or close occurs above the wedge with good volumes then we can expect the prices to further rally up to $52,500 to $60,000 mark.

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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