A TECHNICAL UPDATE ON BITCOIN-2.10.2021

 

BITCOIN

Closed At:--$48116.94 on 1.10.2021.

Support: $47159.49/46404/46394.28/45080.49/43998.32/43285.21/43285/43241/41946/41295/39787/37458/33520/32270/31227/31114/30681/30549/29361/28953/28893.

 

Resistance: $48791.78/50482.08/50856.57/52853.76/55604.02/58330/59464.61/60267/61683.86/64863.

 

It is on a weak technical footing now and in the long term correction mode in fact it is well below it bear market threshold point of $51890.48 and it has been below it since 14.5.2021 therefore technically it is into bear market now. However the long term  uptrend is still intact till it holds the range of $46500--$40550(figure will change every day) and then the last range of $38925---36825(figure will change every day). The  range for it now is between $40550---42871---46500---52712, please note that if it holds $42781 level on the closing basis then the chance is that it could continue the pullback move and if it moves above $52712 and sustain on the closing basis then it could retest its all-time high of $64863.10 or may go beyond also. Similarly sustained break below $42871 on the closing basis will weaken it and sustained break below $40550 will put the long term uptrend in potential danger and finally break below $36825 will accelerate the fall. Although it is below its bear market threshold point for a long time and into long term correction mode also but at this point of time it seems that it may not break the lower range of $42871---40550—38925, therefore for investor it is suggested to accumulate it on the decline near or within this range for a decent gain in 6—8 months time period with a stop loss of below $36825 and for traders it is suggested to trade the range of $42781----52712  with proper stop loss till either side breakout happens.   

 

NOTE: - It is a technical assessment as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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 OR INVEST WITHOUT ADEQUATE STOP LOSS.

Note: Price stated here are of spot market.

                          Contact me for strategic guidance to enter and exit trade.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.