13 Dec 2021 | ZebPay Trade-Desk
Bitcoin (BTC) edged higher by about 3%, finding itself above $50k. We were seeing some pretty clear signs of market fatigue by the end of last week; because of the previous weekend, Friday felt like the end of a twelve-day trading week and flows slowed as a result. After its surge to .088 last week, ETH/BTC has drawn back down to .0825.
Bitcoin after breaking the crucial support of $53,000 witnessed a sharp fall almost by 20% making the low of$42,000. Post this move, the asset showed some signs of recovery but with thin volumes. Technically on a daily chart, BTC is forming a ‘Rectangle Pattern’. The pattern indicates there is no trend, as the price moves up and down between support and resistance. The prices are consolidating in a range from $47,000 to $51,000. Breakouts on either side with good volumes will further decide the trend for the asset and to witness a rally or a bullish move BTC needs to break and sustain above the resistance of $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.