A TECHNICAL UPDATE ON BITCOIN-25.4.2021

 

BITCOIN

Closed At:--$50050.87 on 24.4.2021  

 

Support:$47714.66/46542.51/46347.48/45290.59/43881.15/43241.62/41946.70/39966.41/38406.26.

 

Resistance:$50856.57/52829.54/53555.03/55604.02/58330.57/60267.19/61683.86/64863.10.

 

Further to my post of 16.3.2021 as expected it moved up and hit a new all-time high of $64863.10 on 14.4.2021 and then considerably moved down and currently quoting at $50229(approx) now. Its long term technical parameters are still holding up, but the short and medium term parameters and technical indicators are looking weak now therefore further fall from here cannot be ruled out but with in between short relief rallies. Please note that its important and critical key points as of now are at $61557---$59760.43---$56388.40---$53713.62---$50524.66---$50308(these figures can change).  It is below all its key points now therefore it is into long term correction mode and if it does not bounce back above $50308 &$50524.66(long term correction mode threshold points) and sustain on the closing basis then fall could accelerate from here in coming days. It is important to mention here that its pullback threshold point is at $51761.69(this figure can change), so if it moves above it and sustain on the closing basis then only it is expected to give moderate to reasonable rise else down move may resume again. Going up it will face critical resistance at -$54265.36---56288.88---58312.40---60816.07---61433.41,the possible up move may exhaust at any of these points or earlier also but if it moves and sustain above $61433.41then it could retest its all time high of $64863.10 or may go beyond also, but chances of  happening this looks slightly weak at this point of time. Similarly moving down its critical support points are at-$47714.66---46347.48---45590(this figure can change), please note that sustained close below $45590 could potentially threaten the long term uptrend which may be kept in mind. The short and medium term bias is down but the long term bias is still o.k. as of now.    

  

In view of the above observation, it is into long term corrective mode now and it could come out of it only, if it moves above $50524.66 and sustain on the closing basis, but it will give moderate to reasonable rise only once it closes above $51761.69 and sustain,therefore for safe trader  it is suggested to try long trade only once it closes above $51761.69 and sustain. However aggressive traders can try long trade on decline also at appropriate points or near $45590 but not below it with self defined stop losses. Please note that long trade in  long term corrective mode could be a very risky proposition, particulary buying on decline. So be alert and cautious in the long trade at this point of time.  

 

 

Note: Price stated here is of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

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.

 

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.