Bitcoin and other altcoins such as ATOM, CHZ, and APE face resistance at higher levels. However, chart patterns indicate that the current rally could continue for a few days. Last week saw the US stock markets recover strongly, ending the three-week losing streak. Bitcoin made a strong recovery last week, trying to finish the week with gains exceeding 7%. In the last 24 hours, Bitcoin has seen a 2.6% and 1.4% price and volume increase respectively. BTC is currently at 39.84%.
BTC traded at $21,677 as of the writing of this article.
Chart for Bitcoin (BTC).
BITCOIN traded in a ‘Rising Channel Pattern.’ After facing stiff resistance at its upper trendline, the pattern saw a sharp correction that broke the pattern to the downside. It reached a low of $18,510 Although BTC showed a breakout on its downside, it failed to test the $17,622 previous bottom and reversed from $18,510. The asset showed signs that it was recovering and rallied to the $22k mark. BTC faces strong resistance around $22,000 (Upsloping trendline of the Rising Channel). The resistance level of $22k can be broken if the price rises to $28k.
Key Levels:
Support 2Support 1AssetResistance 1Resistance 2$17,500$20,750BTC$22,000$28,500
Disclaimer: This report should not be regarded as investment advice. It does not consider the financial situation, investment goals or needs of investors. When deciding whether an investment is right for them, all investors should take into account these factors and consult with a professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, correctness, completeness, or reliability of any information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in response to new events or circumstances after the date of the report was made. Trading & Investments in cryptos viz. Bitcoin, Bitcoin Cash, Ethereum, etc. These are highly speculative investments and can be subject to market risk. Author’s analysis is intended to be used as information only and not as investment advice.
12th-September-2022 ZebPay.
