14 March 2022 | ZebPay Trade-Desk
Over the weekend BTC was holding strong around the $38k mark. In fact, the asset has been range bound, between $37-$39k. However, we have seen the asset close in the red over multiple trading sessions. BTC dominance is 42.5% and market capitalization is $719bn.
At the time of writing BTC is trading at $38,029.
Bitcoin after making the ‘Spinning Top’ candle at the key resistance level of $45,500 witnessed a correction and the prices dropped to $37,155. Technically, on a daily time frame, the asset is trading in a ‘Rising Channel’ pattern and is hovering around the lower ascending trendline (support of the rising channel). if the prices bounces from the support then we may expect the bulls to resume the up-move whereas a break below the channel will lead to further downfall. To witness a rally, BTC needs to close and sustain above $45,500.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $30,000 | $35,500 | BTC | $39,500 | $45,500 |
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 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 cryptocurre ncies 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.
