The Bitcoin on Friday is trading below the psychological level of 60.00, after having touched the resistance of 60.084, at this level the BTC has left a triple top, if a correction is confirmed it should trade below 58,500.
Since the Bitcoin, is above the SMA 21 and within its uptrend channel, it is likely that the upward force continue to prevail, and push it to the area of +2/8 Murray, located in 62,500.
Conversely, a break below the 21 SMA around 58,500 will signal a correction for Bitcoin, targeting the 200 EMA around 54,136.
Some analysts predict that Bitcoin this April could hit 100,000.
For example, the data analysis firm Ecoinometrics has the theory that Bitcoin (BTC) only takes a couple of months to double in price. To verify this, he developed a model that allowed him to compare the current growth trajectory of the value of the cryptocurrency with previous cycles starting from each halving.
Backing up this fundamental data with technical analysis, as long as BTC remains above the 21 SMA and 200 EMA, the medium-term outlook will continue to be bullish, hence the odds of BTC reaching 100,000 until the end of the year is not a far-fetched idea.
Support And Resistance Levels For April 02 – 05, 2021
Resistance (1) $59,521
Resistance (2) $60,235
Resistance (3) $61,048
Support (1) $58,708
Support (2) $57,180
Support (3) $56,466
The material has been provided by InstaForex Company – www.instaforex.com
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