The BITCOIN manages to stop its fall in the 8/8 area of Murray located around 50,000, also a psychological level, now seeking a recovery after losing 10% of its value in 24 hours, and is trading in the area of 53,116 level from the 200 EMA on 4-hour charts.

Earlier this week, the president of the FED, Jerome Powell, assured that cryptocurrencies are very volatile and therefore are not really useful as a store of value and are not backed by anything. They are more of an asset for speculation.

Yesterday, after the warnings about a financial bubble behind its value multiplied in the mouth of analysts, it stood at around 50,400, a collapse of 12.5% in the last week.

The founder of the cryptocurrency trading company BTCC, Bobby Lee, told the US network CNBC that Bitcoin could reach $300,000, before the so-called bubble bursts. And beware, people should be aware that it could fall between 80% and 90% of its value from its maximum value.

On the technical level, we note that the BTC is about to overcome the downward pressure, once again being above 54,000, a recovery is expected to face the resistance of 56,250 and 59,950.

On the contrary, we noticed a formation of a bearish wedge, if confirmed, it should try to break the support of 50,000, there is the 8/8 of Murray, with targets at 43,750, the 7/8 area of Murray and strong support.

We recommend selling below the 200 EMA with targets at the 50,000 psychological level.

Support And Resistance Levels For March 26 – 29, 2021

Resistance (1) $53,981

Resistance (2) $55,504

Resistance (3) $58,226

Support (1) $52,132

Support (2) $50,567

Support (3) $48,760

The material has been provided by InstaForex Company –

Leave your vote

🚀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.