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
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