13th Sept 2021 | ZebPay Trade-Desk
After witnessing a significant correction of close to 20% last week, Bitcoin has been trending in the range of $44,000-$46,000 over the past few days. The tussle between the bears and the bulls remains, as the asset hovers around the 200-day simple moving average of $45,800 which is an important level for institutional investors to decide their stance on BTC. For now, though $47,500 is an important level as if the asset does cross that threshold, bulls will most certainly take charge.
BTC was consolidating and was trading sideways in a range from $47,000 to $50,000. Last week the asset gave a breakout on the upside and the prices rallied up to $52,944, however, BTC faced resistance and the prices couldn’t sustain at higher levels for long and witnessed a sharp correction. Technically, on a four-hour time frame, the asset made an ‘Evening Star’ pattern (Trend Reversal Pattern) and the prices fell almost by 20% and made the low of $42,830. Post this move, the prices are trading in a range from $46,500 to $44,750. BTC has very strong support at $42,500. If the prices hold and sustain above these levels then we could expect the bulls to resume the up move
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $37,250 | $42,500 | BTC | $53,000 | $57,500 |
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 rdor 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.
