The Bitcoin (BTC / USD), is down for the fifth day in a row against the dollar, having found support at the psychological level of 50,000, and at the bottom of the downtrend channel.
Jerome Powell’s comments deflated investors’ spirits, in which he compared Bitcoin more to gold, which, with the dollar, investors of this asset did not like.
In 4-hour charts, BTC is trading below the SMA of 21 and below the EMA of 200, with a negative bias, which, if it fails to exceed 53,500, the potential decline points to 43,750.
The 50,000 support is key since it is a psychological level and a very strong support, a rebound in this area will give us a good opportunity to buy with targets at 53,225 and 56,250.
Conversely, a break below 50,000 we recommend selling with Murray 7/8 targets located at 43,750.
Support And Resistance Levels For March 25 – 26, 2021
Resistance (1) $52,225
Resistance (2) $53,981
Resistance (3) $62,728
Support (1) $49,974
Support (2) $48,230
Support (3) $46,636
The material has been provided by InstaForex Company – www.instaforex.com
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