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
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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