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Bitcoin Monday

17 May 2021 | ZebPay Trade-Desk

Crypto markets have been in the red the past few days. BTC has seen a major correction over the past few days and has fallen from $53,000 levels to $43,000 levels at which it currently trades. This comes after the assets had been witnessing a continued rally over the past few months. After failing to reclaim the $50,000 level, BTC faces renewed selling pressure in the short term, but volumes suggest that institutions have kept accumulating the asset.

As we can see from the hourly chart above, BTC gave a sharp correction over the weekend and the asset has made the low of $42,141. On the technical front, Bitcoin has made a ‘Bullish Harami’ pattern near the support level of $43,000, so we may see some pullback or relief rally from these levels. Hence, $42,141 will act as a crucial support level and if it fails to hold these levels we may see further downside on the asset whereas $46,500 will be an important resistance level to watch out for.

Resistance 2$49,808
Resistance 1$46,500
BTC
Support 1$42,141
Support 2$40,120

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 or 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.

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