In the early hours of the American session, Bitcoin is trading at 53,651, after registering falls of 17% after reaching levels of 47,000 last week. Today on Monday, the most popular digital token asserts strength and once again exceeds the psychological level of $ 50,000.
Investors are keeping an eye on any news about the tax hike that US President Joe Biden is preparing for fear that the new strategy will punish investment in cryptocurrencies.
Nikolaos Panigirtzoglou, a strategist at JPMorgan pointed out that if Bitcoin does not exceed $ 60,000, the momentum signals will collapse and the currency will fall back to levels of $ 20,000.
However, cryptocurrency miners and operators continue with the euphoria of buying BTC, which they are optimistic that BTC will break the 64,000 barrier and reach levels of 75,000 and speculate that by the end of the year BTC may reach the 100,000, is quite encouraging the opinions of the analysts.
On the technical level we cannot be very optimistic given that in the 4-hour chart BTC is below the 200 EMA and has strong resistance at 56,250, if it exceeds this level, the outlook could change.
As Bitcoin consolidates below 56,250, and below the 60,000 level, a consolidation move is expected, between this resistance zone and the 50,000 support levels in the near term.
Our recommendation is to sell below 56,250 and buy above the psychological level of 50,000.
Support And Resistance Levels For April 26 – 27, 2021
Resistance (1) $54,452
Resistance (2) $55,128
Resistance (3) $57,088
Support (1) $52,015
Support (2) $50,984
Support (3) $48,981
The material has been provided by InstaForex Company – www.instaforex.com
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