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Bitcoin Monday

Cryptocurrency markets in the last week showed some positive signs with major currencies ending in green and BTC made the new all time high of $64899, but the dominant cryptocurrency by market value corrected by almost 22% from its peak.
Presently, Bitcoin is trading around $56,588 reflecting a gain of about 2.85% approximately over the period of 24-hours.

As we can see from the hourly chart above, BTC is facing resistance around $60,000 levels and it made the lower top lower bottom formation pattern making the 3 week low of $50,505. The asset has taken support at this level and now has started moving upwards. On an hourly time frame, BTC is trading below DEMA (50), which signals weakness. RSI is also below 50. Hence, we conclude that we remain bearish on BTC until it trades and sustains below the resistance levels.

Resistance 2$60,737
Resistance 1$58,900
Support 1$53,021
Support 2$50,505

For Bitcoin to go up it needs to break the resistance of $58,900 and if the support level of $53,021 is broken we may see more downside.

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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