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Bitcoin Monday

21 June 2021 | ZebPay Trade-Desk

Bitcoin (BTC) has been on a volatile price spree over the last few days. The asset has been fluctuating between $34,000 – $41,000, and currently trades at $34,500 levels. It has been witnessing a fall the past 3 days, and the bearish stance continues. Volumes too have seen a dip, compared to last week.

BTC, last week, yet again resisted around the $41,000 mark and plunged almost 20% and made a low of $33,347. On the daily time frame, the asset post making  a ‘Spinning Top’ candle at the recent high has made a ‘Lower Top Lower Bottom’ formation. However,  BTC  is trying to take support around $33,500  levels as the candle made a longer lower shadow indicating some buying at these levels. If it sustains the support level then we can expect some recovery. Else, we may see further downfall and the prices may slide to the next support level of $31,111.

Support 2Support 1AssetResistance 1Resistance 2

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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