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12.03.202109:16 Forex Analysis & Reviews: Technical analysis of Bitcoin/USD for March 12, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 12.03.2021 analysis

After break above the S/H/S bottom neckline at 52,223 Bitcoin is re-testing the former peak at 58,354. We expect this resistance will be able to hold back Bitcoins advance for a temporary correction closer to 53,731 before the next push higher through resistance at 58,354 for a rally towards the S/H/S bottom target at 61,480 and above.

Longer-term we are looking for even higher levels at a continuation higher to resistance in the 67,184 - 67,981 area.

Trading recommendation:

Buy Bitcoin near 53,731 for the next push higher to 67,184 - 67,981 area.

Torben Melsted
Analytical expert of InstaForex
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