The price of Bitcoin has found support at the $56,250 zone, the 200 EMA zone on the 4-hour charts and below the 21 SMA, trading within a range from $60,000 to $56,000.
A look at market sentiment shows that traders are still holding leveraged long positions. These positions, analyst Filbfilb believes, must be liquidated before Bitcoin can make a meaningful attempt to hit new all-time highs.
Regarding altcoins, their strong performance is diminished, with Ether again below its all-time marker of $ 2,000 and moving away from all-time highs.
In the case of BTC / USD, the 200 EMA is expected to be its last support to give it the strength it needs and surpass its record mark.
Below the 200 EMA, we expect it to continue its decline to the key 50,000 support and psychological level.
We recommend buying above $56,250, and selling below $55,800, as Murray’s +1/8 zone is key and we should keep an eye out for positions to the upside or downside.
Support And Resistance Levels For April 07 – 08, 2021
Resistance (1) $57,648
Resistance (2) $59,281
Resistance (3) $60,460
Support (1) $55,166
Support (2) $52,354
Support (3) $49,872
The material has been provided by InstaForex Company – www.instaforex.com
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