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In the American session, BTC is trading above the psychological level of 50,000 after having formed a bullish wedge. It may reach the 56,250 level in the coming days.
BTC/USD fell sharply on Thursday after Tesla's decision.
Tesla CEO Elon Musk said he would suspend the use of cryptocurrency as a means of payment for vehicles, citing his concerns about the environmental impact of bitcoin mining.
Bitcoin has not been able to break the $ 60,000 barrier for several weeks, now it is in a consolidation period that could trade between the level of 46,500 and 56,250. In this range the movement of the BTC is limited.
On the 4H chart, we notice that BTC is located above the SMA of 21, thus gaining strength for an attempt to break the 56,250 level. There is an EMA of 200, which adds downward pressure to BTC.
The technical reading of the eagle indicator shows that there could be bullish momentum for BTC/USD. It is moving away from the oversold zone.
Our recommendation is to buy above the 21 SMA, around 50,000 with targets at 53,125 and 56,250 in the short term.
Support and Resistance Levels for May 14 - 17, 2021
Resistance (3) 58,250
Resistance (2) 56,175
Resistance (1) 53,772
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Support (1) 50,213
Support (2) 47,581
Support (3) 45,706
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Trading tip for bitcoin for May 14 - 17, 2021
Buy above $50,000 (SMA 21 and 8/8), with take profit at 53,125 and 56,250, stop loss bellow $49,500.
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