Cryptocurrency Analysis

[IFX_Selena]

Trading plan for Bitcoin for March 17, 2021



Technical outlook:

Bitcoin has been on the back foot and in control of bears since printing highs at $61,781 over the weekend. It might be too early to confirm the same at this moment, but a meaningful top might be in place. A break below $52,650 levels will confirm that it has turned lower and bears shall remain in control, going forward.

The crypto is seen to be trading around $55,250 levels at this point in writing and might be preparing for another drop towards $52,000 mark, before finding interim support. Immediate resistance is fixed at $61,780 mark, while support comes in around $43,000 levels respectively. A break below $43,000 will confirm a much deeper correction going forward.

The overall structure has been indicating a religious uptrend since $3,850 lows but might have turned bearish since hitting $61,780 highs. Also note that if prices stay above $52,650 levels, possibility remains for yet another high above $61,780, before Bitcoin gives in to bears again. We shall bring in updates according to how price action unfolds.


Trading plan:

Preparing to sell again. Waiting for a break below $52,650.

Good luck!




Oscar Ton
Analytical expert
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