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The BITCOIN on the 4-hour chart has broken the 21 SMA level again, and is trading below the 4-hour bearish channel. The eagle indicator is showing a bullish signal.

Given that strong resistance for BTC is located in the 58,500 area, we expect that at that level it will exert downward pressure, and take it again to the 53,220 area.

There we can see that it has left a double bottom. A break of this level the goal will be 50,000.

On the contrary, a break above 59,000, a bullish momentum is expected to Murray’s +2/8 area of 62,250, as in the next target. The eagle indicator can support this bullish momentum.

Our recommendation is to sell below the 21 SMA on the 4-hour chart, located at 56,250. Above this level we must avoid buying.

Support And Resistance Levels For March 24 – 25, 2021

Resistance (1) $57,323

Resistance (2) $58,226

Resistance (3) $61,331

Support (1) $55,959

Support (2) $53,981

Support (3) $51,481

The material has been provided by InstaForex Company – www.instaforex.com

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