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08.03.202113:30 Forex Analysis & Reviews: Bitcoin Attracts Buyers!

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.

Bitcoin (BTC/USD) is trading in the green at $50,287 trying to stabilize above the $50,000 psychological level. The price consolidates before trying to resume its major uptrend. The temporary retreat seems over, so BTC/USD could extend its growth soon.

The outlook is bullish and it should remain the same as long as the near-term uptrend line is unharmed. BTC/USD increased during the weekend signaling that the most recent decline is over and that the crypto could resume its upside journey.

BTC/USD Consolidates Its Uptrend!

Exchange Rates 08.03.2021 analysis

Bitcoin has creased from $51,846 to retest the $50,000, WL1, and the Pivot Point (49,582). Stabilizing above these obstacles could really signal that BTC/USD will resume its growth in the upcoming period.

It's traded above the uptrend line, so we could still search for long opportunities as long as BTC/USD is trading above the Pivot Point and above the uptrend support. A false breakdown with great separation below the immediate downside obstacles could bring a great buying opportunity.

Bitcoin Forecast!

A bullish closure above $52,000 psychological level could represent a long opportunity with $58,367 all-time high as a target. Only a valid breakdown below the uptrend line could invalidate a further increase and could signal a larger correction.

Ralph Shedler
Analytical expert of InstaForex
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