Bitcoin Monday

nl-trade

 20th Sept 2021 | ZebPay Trade-Desk

Bitcoin (BTC) has been fairly range-bound over the last couple of days, trading between $45,000 – $48,000. This seems to be a consolidating phase that the asset is operating in, and the bears and preventing the asset from crossing the $48,000 mark convincingly, making this a strong psychological resistance level for BTC. Volumes have seen a slight dip over the last couple of days, which is probably why the asset tends to reverse its trend every time it witnesses an upward trend, due to the lack of momentum. 




BTC post correcting 19% from $52,944 to $42,830 showed some signs of recovery and rallied slowly by 14% up to $48,825. However, the bulls failed to manage the grip on the asset as BTC made a ‘Doji Evening Star Pattern’(Bearish Pattern) on a 12 hour time frame and the bears took the charge again. Technically, the prices have been trading fairly range-bound with low volumes. BTC has a very strong support zone from $42,500 to $46,500 and if it holds and sustains above these levels then we can expect the bulls to resume the up move.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2
$37,250$42,500BTC$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.

Start Trading Now