Bitcoin Monday: The Bears Are in Control, 11 April 2022
The bears have taken control of crypto and the largest cryptocurrency fell by almost 10% in a week. BTC traded in a range bound manner, even though volumes were low. Profit booking has been seen at higher levels. BTC dominance stands at 41.25%, and market capitalization is $798bn.
BTC traded at $42,100 as of the writing of this article.
BITCOIN: After breaking the resistance of $45,500 for a long time, the bulls were unable to maintain control of the asset. They also failed to surpass the psychological level at $50k. Profit booking was evident at higher levels, and the price dropped to $41,800. BTC has a strong support zone between $40,000 and $39,500. We expect to see a bounce, while $45,000 and $48,300 will serve as strong resistance. Key Levels:
Support 2Support 1AssetResistance 1Resistance 2$35,500$39,500BTC$45,000$52,500
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, completeness, reliability, fairness, accuracy or correctness of the information, opinions, or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in the event of changes or unforeseen events. Trading and Investments in cryptocurre ncies viz. Bitcoin Cash, Ethereum, and Ethereum are highly speculative investments that can be subject to market risk. The author’s analysis is intended to be informative only and should not serve as investment advice.
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