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Bitcoin Monday

24 May 2021 | ZebPay Trade-Desk

Crypto markets have been in the red the past few days. Bitcoin has seen a major correction over the past few days and has further fallen from $43,000 levels to $36,000 levels at which it currently trades. The analytics above suggest that Bitcoin has been looked at as the most preferred asset among the digital assets in times of uncertainty with volumes shifting to the same and dominance in market cap taking a slow uplift again.

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 $31,111. On the technical front, post making the low, the asset has started moving upwards making the ‘Higher Highs Higher Lows’ formation. Currently, BTC is consolidating at the resistance level of $36,000. Hence, for the prices to go further up it needs to break and trade above the resistance level of $36,000. Once it closes above the mentioned level, we can expect the prices to surge up to $39,000 levels.

Resistance 2$39,000
Resistance 1$36,000
BTC
Support 1$34,100
Support 2$31,111

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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