04th Oct 2021 | ZebPay Trade-Desk
Bitcoin BTC has seen an impressive recovery after the crash it witnessed early last week. Volumes have shown good traction, and momentum is strong too. BTC sees a strong resistance at $50,000, and if it does beat that level, a fresh rally can be seen. BTC dominance is up to 43% now, and the market capitalization is close to the $900bn mark.
BTC was trading in the downtrend and tested the $40,000 level by making the low of $39,600. The asset made a ‘Bullish Engulfing Pattern’ at the recent lows and started consolidating. BTC was taking multiple support at $40,500 and was not able to break the $40k mark on the downside, the bulls grabbed the opportunity with both hands and the prices surged almost by 21% making the high of $49,300. The asset has given a breakout above the descending trend line and is currently consolidating and trading in a range from $49,000 to $47,500. If BTC breaks the psychological resistance of $50k then we may expect the prices to further rally up to $53,000 to $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.