A TECHNICAL UPDATE ON BITCOIN-16.3.2021

 

BITCOIN

Closed At:--$55907.20 on 15.3.2021  

 

Support:$55312.80/54769.58/53959.40/52462/51284.68/48095.72/47879/46542/46347.48/43241.62/

 

Resistance:$ 57331.50/58330.57/61683.86/62435/62970/64095/67656/74770/82745/83993/.

 

Further to my post of 21.2.2021 it hit an all-time high of $61683.86 on 13.3.2021 and then moved down and currently quoting at $55558(approx) now. It is still looks highly bullish and after corrective down move it is expected to resume the up move again.  Please note that its important and critical key points as of now are at $57331.50---$53959.40---$51284.70---$47879(these figures can change).  It is below its 1^st key point of $57331.50 therefore it is in a very short corrective mode which can last for 3-5 days or may be more. Please note that sustained break below$53959.40 can push it into short term correction mode which can last slightly longer, sustained break below$51284.70 can push it into medium term correction mode which can last even and lastly and most importantly sustained break below $47879 on the closing basis can push it into long term correction mode which can potentially threaten the uptrend also. The bias is positive as of now.   

  

In view of the above observation, it is still in the uptrend but in very short corrective mode now and it could come out of it, if it moves above $57331.50 and sustain on the closing basis, even if it moves down from here and get into deep corrective mode but as long as it holds$47879 on the closing basis there is no threat to the uptrend. Therefore buy on decline is suggested at appropriate points with self defined stop loss or near $47879 but not below it with a stop loss of $46500. It seems that after correction is over it is strongly likely to resume the up move again and hit a new all-time high again in coming days.

 

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.