Bitcoin has taken support at the 18.75 % levelwhich was 15701 after All Time High. Its fresh cycle of growth in Bitcoin as long as low of 15701 is held in future. After taking support on the cluster levels of 33.3% and 37.5% which were 25246 and 28001. It has risen above the 50% level of 36201. As in Gann Analysis it is the most important level of 36201 ako 50% level. Long term trend will be positive if this level is held.
Next cluster levels on chart are the 62.5% and 66.66% which are 44401 and 47090. Observe the chart critically you will 3 weeks consolidation around this level. Then we had a breakout with a high of 45922. But instant profit booking was seen at highs.
Both cluster will be tough to cross but as when they are crossed we may see run p to the 75% level at 52600 which is the bulls next target. If profit booking sustains and failure to sustain above 47090 we may see consolidation around these current levels and further downside till 50% level of 36201.
For short term view we need to move on the lower timeframe of daily and hourly charts.
Happy Trading !!!
With usual disclaimer as per SEBI rules and International rules for disclosures.Not an Trading Advice. Please contact your Registerd Investment Advisor before trading this volatile instrument.
Next cluster levels on chart are the 62.5% and 66.66% which are 44401 and 47090. Observe the chart critically you will 3 weeks consolidation around this level. Then we had a breakout with a high of 45922. But instant profit booking was seen at highs.
Both cluster will be tough to cross but as when they are crossed we may see run p to the 75% level at 52600 which is the bulls next target. If profit booking sustains and failure to sustain above 47090 we may see consolidation around these current levels and further downside till 50% level of 36201.
For short term view we need to move on the lower timeframe of daily and hourly charts.
Happy Trading !!!
With usual disclaimer as per SEBI rules and International rules for disclosures.Not an Trading Advice. Please contact your Registerd Investment Advisor before trading this volatile instrument.