BITCOIN – Short covering can be on the cards.
BTC slipped below the psychological level of $40k and was trading below that over the weekend with significantly low volumes. BTC is down 1.46% over the past 24 hours. Its dominance is currently at 41.21% and the market capitalization stands at $746bn.
At the time of writing BTC was trading at $39,200.
BITCOIN is trading sideways, albeit in a narrow range between $38,00 to $39,750 over the weekend, making a low of $38,674. Technically, on a daily chart, the asset is trying to take support at the key level of $38,750 (61.8% Fibonacci Retracement Level) and the lower shadows around the support indicates buying. If BTC holds and sustains above $38,750 then we can expect some short covering whereas a break or close below the support will lead to further downfall and the prices can slide to $37k – $35k levels.
Support 2Support 1AssetResistance 1Resistance 2$35,500$38,500BTC$40,000$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.