Technical Analysis of BTC/USD for March 03, 2021
Technical market outlook (Bitcoin | BTC/USD) :If Bitcoin can stay above $47 k, it would mark an end to the recent pullback.Last week, Bitcoin fell remain within a framework of correction from the high price of 58,258 USD to the bottom of 43,117 USD. Today : 03/03/2021 - Currently price sets at 51k USD.Closing above the Pivot Point (49k) could assure that BTC/USD will move higher towards cooling new highs.The bulls must break through $49,500 in order to resume the up trend.Bitcoin is at an all-time high against the dollar around the spot of $ $49 k- $50 k - Bitcoin is inside in upward channel. Closing above the major support ($49 k) could assure that BTC/USD will move higher towards cooling new highs. $49 k is continuing rising by market cap at 8% in a day, 25% in a week and is trading at $52k after it reached $50k earlier. Bitcoin has been set above the strong support at the price of $51k, 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 $50 k. Buy orders are recommended above the area of $50,500 with the first target at the price of $52 k; and continue towards $53,800 in order to test the last bullish wave. On the other hand , if the BTC/USD fails to break through the resistance price of $53,800 today, the market will decline further to $47,800.Trading BTC/USD :
The trend is still bullish as long as the price of $50,000 is not broken. Thereupon, it would be wise to buy above the price of at $50,000 with the primary target at $53,800. Then, the BTC/USD pair will continue towards the second target at $56,530 (a new target is around $56,530). Alternative scenario :
The breakdown of $47,800 will allow the pair to go further down to the prices of $46 k and $44 k.