A TECHNICAL UPDATE ON BITCOIN-21.2.2021

 

BITCOIN

Closed At:--$56099.52 on 20.2.2021  

 

Support: $-50937.28/46347.48/43881.15/41946.70/39966.41/38406.20/37446.15

32270.18/30549.60/28953.37.

 

Resistance: $-57505.23/62969.91/74769.96/83993.12.

 

Kindly refer to my post of 13.1.2021 when it was in correction and consolidation mode but the trend was bullish and it hit an all-time high of 57505.23 today. It is exhibiting robust strength for the continuation of the up move but the only concern is that it has been rising vertically from the level of $29000 and in last 24 trading sessions it has almost doubled, please note that the vertical rise may have vertical fall too, therefore looking at such a phenomenal rise in a short period of time makes it vulnerable for correction also and it could happen any time soon. It’s Important and critical key points as of now are at $54289---$50766.99---$48092---$44903.24---$44687.14(these figures will change if it hits a new high).  Please note that break below $54289 can push it into very short term correction which can last for 2-3 days, sustained break below $50766.99 can push it into real short term correction mode which can last for 5-8 day or more, sustained break below $48092 can push it into medium term correction mode which can last even longer and lastly but most importantly sustained break below $44903.24 & $44687.14 can push it into long term correction mode which can last much longer and could be a potential threat for the uptrend which may please be noted. But the overall technical parameters are strong as of now therefore it seems that it may not witness sharp or deep correction and most likely to resume the uptrend after the correction is over. The long term bias is up as of now, therefore it is likely to scale new highs in coming days but of course with intermittent down corrections.  

 

In view of the above observation it is in strong uptrend but at the same time vulnerable for correction also at this point of time, since it is so strong technically it may correct now or may be after some more rise but as long as it holds $44903.24 & $44687.14(these figures will change upward once it hits new high) on the closing basis the long term uptrend will remain intact. Therefore it is suggested to buy on decline at the appropriate points (with the help of support points and important and critical points mentioned above) but not below $44903.24 & $44687.14 because then it could go in for deep correction also. I once again repeat that future outlook is hugely bullish but with slight caution because of the recent vertical rise.

 

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.