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Bitcoin Monday

07 June 2021 | ZebPay Trade-Desk

BTC, the leading asset by market capitalization, has been pretty range-bound over the past week. After witnessing a major correction a few weeks back, the asset seems to have gained some stability, trading in the range of $35,000 – $38,500. BTC currently trades at $36,700. Volumes have seen a slight dip over the last week, but that could be a result of the bearish stance in the marketplace. However, the past couple of days have been positive for the asset as we have seen an upside in volumes, signaling that the bearish sentiment is diminishing and bulls are buying in at higher levels. BTC hasn’t seen a major rally since the market reset, and this seems unlikely to happen very soon, and we anticipate a gradual recovery to continue.

Bitcoin, last week showed good signs of recovery, however the asset tested the resistance multiple times but failed to break and sustain above it. Technically, on the 12 hour time frame, BTC is trading sideways in a ‘Symmetrical Triangle’ pattern (During this period of indecision, the highs and the lows seem to come together at the point of the triangle with virtually no significant volume). Hence, Breakouts on either side with good volumes will further decide the trend.

Support 1Support 2AssetResistance 1Resistance 2
$31,111$33,850BTC$40.000$42,500

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 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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