Bitcoin Monday
23rd August 2021 | ZebPay Trade-Desk
BTC is all set to cross the $50,000 mark. Despite witnessing lower volumes over the weekend the asset has managed to hold onto the high price levels successfully. However, how long these levels will sustain remains to be seen, as typically without volume support, reversals are likely. Having said that, $50,000 has been a psychological resistance level for a long time now, and breaking that would certainly fuel some growth, and the upward trend might continue to play out in the short term at least.
Bitcoin has touched the $50,000 mark for the first time since May and has surged almost by 72% from its recent low of $29,301. Technically on the weekly time frame, the asset is trading in an uptrend forming a ‘Higher Highs Higher Lows’ pattern. BTC may face some resistance around $51,109 levels (61.8% Fibonacci Retracement Level) and if these levels are breached with good volumes then we can expect the asset to further rally up to $57,000.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $42,500 | $46,500 | BTC | $51,109 | $57,000 |
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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