Trading plan for Bitcoin for March 16, 2021

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Technical outlook:

Bitcoin had continued to defy resistance and continued to print higher over the weekend to $61,781 mark before pulling back. The crypto had managed to drop through $53,220 levels today before finding some support. It is seen to be trading higher towards $55,850 mark at this point in writing and might be looking to print one more high above $61,781, before giving in to bears again.

On the flip side, if Bitcoin slides below $52,652 mark, it would confirm that a major top is in place at $61,781 and that bears are back in control. Immediate resistance at the moment is at $61,781, while support is at $46,300 levels respectively. A drop below $52,652 will open doors to break below $43,000 levels, going forward.

The overall wave structure remains bullish but recent highs have been accompanied by bearish RSI divergences on the daily chart (not shown here). A potential bearish reversal could be on cards and prices might drop towards $39,690 levels, which is fibonacci 0.382 retracement of the entire rally between $38,50 and $61,781 levels respectively.


Trading plan:

Remain flat for now and sell on a break below $52,000, stop @ 62,000, target @ 39,000

Good luck!



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Oscar Ton
Analytical expert
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