A TECHNICAL UPDATE ON BITCOIN—13-1-2021

 

BITCOIN

Closed At:--$33922.96 on 12.1.2021  

 

Support: $33239/32800/32053/30549.60/29711/29148/28288.84/27142/26829/26116/25922/24209/22569/22159/21470/20089/19845/17995/17619/16709.

 

Resistance: $ 34387/34609/34903/35906/36248/37593/39256/39668/41946.70/45047/46300/47430/48990/60387/74770/78828.

 

I was highly bullish on it since August-2020 when the price was around $11760 (see my post of 3.8.2020 & 29.11.2020) and it recently hit an all-time high of $41946.70 on 8.1.2021 and thereafter corrected sharply and hit a recent low of $30549.60 on 11.1.2021 and currently moving in a range of $37277---$32800. Please note that its important and critical key points as of now are at $37276.89---$35906.12---$34387.57---$33239.20---$32800.43   and it is below its first three key points now which indicates that it is in short to medium term correction mode and this correction may last for few days, but the important thing is that as long as it hold $33239.20 & $32800.43 on the closing basis it could resume the up move again after correction and consolidation is over. But it is very important to note here that sustained break below $32800.43 on the closing basis will push it into long term correction mode which may please be noted. The bias is positive as of now.       

 

In view of the above observation, it is still in the uptrend but in correction and consolidation mode and the important range for it now is between $37277---$32800 and breakout on either side will decide the further direction but as of now it is likely to resume up move again after correction. Therefore it is suggested that one can trade this range off course with long trade at appropriate points with self-defined stop losses with the help of support & resistance points mentioned above, but avoid long trade below $32800.43 for sure and your final authentic stop loss would be $30400.

 

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

 

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

 

Note: Price stated here is of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.