For Traders

Analytical Reviews

Crypto-currencies

04.03.202107:58 Forex Analysis & Reviews: Trading plan for Bitcoin for March 04, 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.

Immediate resistance remains fixed around $58,300 mark, while interim support comes in at $43,100 levels respectively. A break below $4,300 would accelerate the proposed decline and drag lower towards $37,000 at least. Also note that potential remains for a drop towards $29,000 price support as well. Bitcoin might have carved a lower high around $52,000 mark recently.

The overall wave structure also reveals that the entire rally that had begun from $3,850 levels in March 2020, might be complete at $58,300 levels recently. A corrective decline towards $37,000 levels remain high probability if not lower, since $37,000 is also fibonacci 0.382 retracement of the above rally. Bitcoin should remain well supported around $29,000 levels going forward.

Trading plan:

Remain short, stop @ 60,000, target $37,000 and $29,000.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade