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Technical outlook:
Bitcoin might have carved a meaningful top around $58,300 levels on February 21, 2021. The crypto had dropped over 20% since then to $44,500 mark, before pulling back higher again. It is seen to be trading around $49,850 levels at this point in writing and is expected to continue lower towards $37,700 levels over the next few trading sessions.
Immediate resistance according to daily chart is seen around $59,000 levels, while intermediary support is at $44,500 respectively. Bitcoin might pullback at least towards $52,000/500 mark before resuming lower again. Potential remains for a drop towards $37,500/700 levels, which is fibonacci 0.382 retracement of the entire rally between $3,850 and $58,300 levels respectively.
Also note that a much deeper correction could be underway since $58,300 highs but it could be too early to predict at this point. A break below $22,500, where one year trend line support is seen would be considered as extremely bearish and Bitcoin can drop even further. Over the short term though a minimum retracement towards $37,700 can be expected.
Trading plan:
Remain short against $60,000, target $37,700 at least.
Good luck!
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
