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Trading BTC/USD : Bitcoin

Closing above the Pivot Point ($55,205) could assure that BTC/USD will move higher towards cooling new highs.

The bulls must break through $56 k in order to resume the up trend.

Note :

As we know that :

  • 1 BTC —> $ 55,900 approximately
  • 1 ETH —> $ 1,709 approximately
  • So, 1 ETH —> 0.03057245 BTC.

For that one Ethereum is only worth 0.03057245 Bitcoin (March 28, 2021).

BTC/USD is at an all-time high against the dollar around the spot of $ 55 k – $56 k.

BTC/USD is inside in upward channel. Closing above the major support ($ 55,205) could assure that BTC/USD will move higher towards cooling new highs.

BTC/USD is continuing rising by market cap at a range between $1000 and $2500.

BTC/USD is trading at $ 55,900 after it reached $56,356 earlier. BTC/USD has been set above the strong support at the price of $ $55,205, which coincides with the 50% Fibonacci retracement level.

This support has been rejected three times confirming the veracity of an uptrend. The market is likely to show signs of a bullish trend around the spot of $55,205.

Buy orders are recommended above the area of $ $55,205 with the first target at the price of $ 56,356; and continue towards $57,000 in order to test the last bullish wave.

On the other hand , if the BTC/USD fails to break through the resistance price of $ 57,937 today, the market will decline further to $ 55,205 (return to pivot).

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

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