Bitcoin, ETH and other crypto currencies technical view: 11th January 2021

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BITCOIN AND CRYPTO CURRENCY REPORT FOR 11TH JANUARY 2021
14:35 IST   SUPPORT RESISTANCE VIEW & TRADING CALL
  Current price S1 S2 R1 R2  
BTC/USD $35,366.00 $31,762.50 $33,799.00 $37,440.00 $39,477.00 Btc/usd can still rise to $39477 and $43056 (in short term) as long as it trades over $31691. Short term bearish trend will be there only if btc/usd falls below $31391.
ETH/USD $1,104.20 $949.60 $989.20 $1,196.60 $1,285.20 Eth/usd needs to trade over $949 to rise to $1285 and $1500( in the short term). There will be sell off only if eth/usd trades below $949.
BTC/SGD $48,033.20 $42,174.50 $44,413.90 $51,652.40 $55,701.00 Btc/sgd is bullish as long as it trades over $41659 in the short term with $55701 and $62000 as price target. Initial support is at $46954. Btc/sgd can test $41659 if it falls below $46954.
             
BCH/USD $498.50 $430.20 $466.30 $530.70 $602.20 Bch/usd  needs to trade over $461.00 to rise to $602.50. Btc/usd will crash only if it falls below $461.00 to $396.10.
LTC/USD $144.90 $120.90 $133.60 $156.20 $181.30 Ltc/usd needs to trade over $133.20 to rise to $181.30. It will crash only if it falls below $133.20 to $103.90.
             
BTC/INR ? 25,88,525 ? 21,73,842 ? 24,04,498 ? 28,16,884 ? 30,47,541 Btc/inr needs to trade over 23,00,000 to rise to 28,16,884 and 30,47,541. There will be a sell off only if btc/inr falls below 23,00,000. Key medium term support is at Rs.17,90,000.
             
COMMENTARY
Lowers prices are getting higher with each severe sharp price fall in botcoin and crypto currencies. This reflects that overall medium term trend is bullish. Laggards and first time traders and new comers will use sharp dips to invest and trade in bitcoin and other crypto currencies. Volatility will be high. Margin money needs to be high, else there can be capital erosion due to lack of margin. Trader and investors need atleast twenty percent and more amounts for margin money. Inverser correlation between bullion and crypto currencies will be there. Crypto currencies and bullion are both an extreme speculative play and nothing at the moment. One needs to wait for new short term investment in crypto currencies.
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