Trading Signal for BITCOIN for March 22 - 23, 2021: Key level $56,250

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The price of Bitcoin (BTC/USD) is consolidating between the range of $ 56,250 to $ 59,500, and above the psychological level of $ 50,000 as a support area. Today on Monday, it is trading below the SMA of 21, under pressure from the bearish channel.

In the 4-hour chart, we can see the uptrend of the BTC, it is still above the primary bullish channel, and above the +1/8 support of Murray, a sharp break below the channel would open the possibility of a fall up to 200 EMA located at $52,811 and below the $50,000 psychological level.

At this time, we recommend waiting for the confirmation of the break of $56,250, on the other hand, a pullback towards the top of the range around $58,900, there we can sell with targets at $56,250.

The eagle indicator is showing a bearish divergence, which if a quote below $56k, could have a correction to $50K.

By contrast, a sharp break above $59K, the target is Murray's +2/8 at 62,500.


Support And Resistance Levels For March 22 - 23, 2021

Resistance (1) $57,350
Resistance (2) $58,226
Resistance (3) $59,350

Support (1) $56,013
Support (2) $53,961
Support (3) $52,699




Dimitrios Zappas
Analytical expert
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