The leading cryptocurrency Bitcoin is trading slightly below $ 58,000, although the bullish force of Bitcoin is still intact, buyers still want more and their next target will be the $ 62,500 zone, there is the +2/8 of murray extreme zone overbought.
Consolidation above the psychological level of $50,000 is a sign that in the medium term, there could be a new high reaching the level of $70.000 and up to $85,000. As long as Bitcoin remains above 50k we expect future bullish movements.
In the chart, we have plotted the formation of a shoulder, head, shoulder pattern, a few days ago we pointed out this pattern. Apparently, the right shoulder would be forming, which if the Bitcoin trades below $ 58,000, the correction can take it to the zone of the 200 EMA around $51,150.
Also, the 4-hour uptrend channel is still intact, which may give you a further bullish momentum if the channel support bounces around $54.838, this is a good buying area.
Support And Resistance Levels For March 18 – 19, 2021
Resistance (1) $58,226
Resistance (2) $59,826
Resistance (3) $61,360
Support (1) $56,985
Support (2) $55,372
Support (3) $52,336
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.