Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
During the start of 2023, BLK stock price started to rise from the low of $701.21 and formed a high at $781.77 on Feb 2, 2023. The stock price faced significant resistance from the $781 level which triggered a drop in the price, causing a downfall of roughly 20% until the middle of March. A new support level was formed at $620 and a bullish rally was commenced in order to retest the high, but the move was halted at $701 and the price melted down to form support at $628.50.
Recently, BLK Price entered into an uptrend, forming higher lows from $628.50. The uptrend helped the price in shattering the resistance level of $701, but the move turned out to be fakeout. The candle closed above $701 but the next candle entered back into the zone.
The price then formed a support at $670 and started to rise toward the resistance level of $701. The previous candle faced resistance from $701 and still closed as a bullish candle. If the next candle can break the low of the previous candle, there is a possibility that the price might head toward the recently formed support level of $670. If the price can break and close above $716, the next target for the price is $739, and reaching it would result in an increase of 3.09%.
Black Rock Refiles For Bitcoin ETF With the SEC
BlackRock has submitted a fresh and amended application for an exchange traded fund that focuses on the Bitcoin spot market after the Securities and Exchange Commission (SEC) expressed misgivings about its first attempt.
Nasdaq has submitted a new filing on behalf of BlackRock. The world’s leading asset manager will be finalizing a surveillance agreement with coinbase which was the major concern of the SEC due to which it rejected several applications in the past.
BlackRock will depend on Coinbase as its custodian and source of spot market data for accurate pricing. Coinbase also has an agreement with Fidelity for providing the same services. Fidelity is also seeking to gain approval for the Bitcoin spot ETF.
Will BLK Stock Price Shatter the Resistance Level Of $701?
BLK stock price trades above all the major EMAs, indicating bullish momentum in the price. Chaikin money flow score is -0.04, suggesting a slight weakness in the market. Relative strength index (RSI) trades at 58.09, implying that price possesses bullish momentum. There is still potential for the price to rise higher but first, it needs to break the newly formed resistance level of $716.
Conclusion
The market structure and price action of Blackrock is bullish after bouncing off from the support level of $670, but there is concern regarding the previous candle which had faced rejection from the resistance level of $701.
Technical levels
Major support: $670 and $628.50
Major resistance: $716 and $739
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/05/blackrock-inc-blk-stock-price-surges-amid-refiling-for-btc-etf/