27 Dec 2021 | ZebPay Trade-Desk

Bitcoin (BTC) is currently trading at $50,900, a rise of 2% over the last 24 hours. Bitcoin (BTC/USD) continues to orbit the psychologically-important $50,000 figure. The tussle between the bears and the bulls is what is keeping this battle alive, and still, we don’t see a significant one-directional swing, the asset will continue to move sideways. BTC/USD has seen an upside of more than 73% year-to-date despite a depreciation of 11.4% on a month-to-date basis. 

Bitcoin after witnessing a sharp fall from $69,000 to $42,333 started consolidating. The asset is trading sideways in a broad range from $45,000 to $51,500 forming a ‘Rectangle Pattern’.  BTC took multiple support at $45,000 and started moving up. However, the asset has made a ‘Doji’ candle at the resistance level of the range which indicates indecisiveness on the part of bulls to continue its juggernaut for the moment.  Once the breakout occurs above $52,000 with good volumes then we can expect the asset to further rally upto $60k mark. If the prices break the support of $45k then the prices can further slide to $40k levels.

Key Levels:

Support 2
Support 1
Resistance 1
Resistance 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 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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