03 Jan 2022 | ZebPay Trade-Desk
The year 2022 seems to have started on a rather dim note. Bears have gained control, as markets have been in a consolidation phase, and try to recover from the slump. Bitcoin (BTC) is down 8% week on week, and its dominance has fallen below 40%, currently at 39.2%. The asset has fallen over 30% from its ATH of $69,000. However, despite this fall, Bitcoin was up 63%, YTD (2021).
Bitcoin after taking multiple support at $45,000 started to move up and showed good signs of recovery. However, the asset faced stiff resistance at $52,000 and made a ‘Gravestone Doji’ candle and the price dropped to $45,650. Technically, on a daily time frame, BTC is consolidating and trading in a broad range from $52,000 to $45,000. Breakouts on either side of the range with good volumes will further decide the trend for the asset. Horizontal Moving Average and RSI around 50 indicates a neutral stance for the asset.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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