20 Dec 2021 | ZebPay Trade-Desk

The market is not quite in end-of-year mode, though one can certainly see it just around the corner. Crypto has traded soft so far this week, with BTC touching below $46k last week. Bitcoin price lost the $47k support, and altcoin prices dropped by as much as 25% within a matter of moments, before tentatively recovering, and then falling again to $46k levels. Currently, markets are moving sideways, and depending on which key level it beats, the trend will be decided. 

Bitcoin, after making a new all-time high at $69,000, has been trading in a downtrend and the prices hit the low of $42,333. Post this move, the asset is consolidating and is trading in a narrow range from $50,000 to $45,500. Technically, on a daily time frame, BTC is forming a ‘Descending Channel’ where a more potent signal occurs with a breakout, which is when the asset’s price breaches an established channel’s boundaries, either on the upper or lower side. Hence, we expect the trend to be bearish to sideways until the prices are moving within the channel.

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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