Bitcoin Technical Analysis Report | 05th-Sept-2022

    Bitcoin bounces from its key underlying support, and ADA, ATOM, FIL and EOS ought to break out. Weakness in US stock markets brought Bitcoin (BTC) back below $20,000 on September 2nd and the bears kept the price below the $20,000 level over the weekend. This brought Bitcoin’s market dominance to under 39% on September 4th, the lowest since June 2018, as per the data from CoinMarketCap. The volumes have swelled by more than 18% for the asset. The dominance for BTC has gone down  and currently stands at 38.72%

    At the time of writing, BTC was trading at $19,885.

    Bitcoin Chart | 05th Sept 2022
    Bitcoin (BTC) Chart

    Bitcoin was hovering just below the $20k mark with low volumes over the weekend. On a daily time frame, the asset was trading in a ‘Rising Channel’ pattern and gave a breakout on the downside on 26th August. Post this move, BTC has been trading sideways in a narrow range from $19,500 to $20,500 forming a ‘Rectangular Pattern’. Breakouts on either side of the range will further decide the trend for the asset. BTC has a strong support at $19,500 and $17,500, whereas $20,750 and $22,000 will act as strong resistance.

    Key Levels:

    Support 2 Support 1 Asset Resistance 1 Resistance 2
    $15,500 $17,500 BTC $20,750 $24,500

    Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptos viz. Bitcoin, Bitcoin Cash, Ethereum, etc .are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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