Bitcoin Monday

 27th Sept 2021 | ZebPay Trade-Desk

The battle between the bears and the bulls continues as the asset hovers around $44,000. After BTC dropped below $40,000 on Sept. 21, the asset now trades above $44,150.  Volumes have seen an uptrend movement over the past few days and that is anticipated, as when assets correct, it looks a lot more attractive, which is why participants buy-in. The asset seems to have recovered well after it saw a major fall after China’s crackdown on cryptocurrency last week.

Bitcoin last week, post making the low of $39,600, showed signs of recovery and rallied almost by 13.5% up to $45,200. The asset faced resistance around $45,000 and yet again witnessed  sell off over the weekend. However, it did not test the recent lows and reversed from $40,683. Although BTC is trading in a downtrend it has taken support around $40k and made a ‘Bullish Engulfing’ Pattern which is a two candle bullish reversal pattern occurring in a downtrend. If the bulls manage to hold the support, BTC might resume its up move and we can expect some relief rally. The asset has a strong resistance around $45,000 to $46,500, if the breakout occurs above these levels then the prices may rally up to $50k mark. On the contrary, the break or close below the recent low, the bears will take the lead and the prices could slide to $37,000.

Key Levels:

Support 2 Support 1 Asset Resistance 1 Resistance 2
$37,250 $42,500 BTC $46,500 $53,000

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 rdor 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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