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.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $40,000 | $45,000 | BTC | $53,000 | $60,000 |
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 cryptocurre ncies 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.
