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Bitcoin Monday

14 June 2021 | ZebPay Trade-Desk

BTC has been on a volatile price spree over the last few days. The asset has been fluctuating between $31,000 – $39,000, and currently trades at $38,900 levels. However, the largest asset by market capitalization has been riding an uptrend the past 2 days, and volumes have held up too. As the asset continues to go more mainstream, and adoption among investors and institutions increases, BTC will remain an attractive asset.

BTC witnessed a sharp correction of almost 53 % from its peak of $64,899. Post this the asset was consolidating and trading in the ‘Symmetrical Triangle’ pattern. Last week the prices gave a breakout on the downside and made the weekly low of $31,004.95. Technically, on the daily time frame, the asset has made a ‘Dragonfly Doji’ (Trend Reversal) pattern where the lower longer shadow indicates buying at the crucial support level of $31,111 and has started moving upwards since. BTC may face some stiff resistance around $39,975 to $42,500. For the asset to further rally it needs to break and trade above $42,500 levels.

Support 2Support 1AssetResistance 1Resistance 2
$31,111$34,800BTC$39,975$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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