After a weekend of great success, and reaching a record level never recorded, the largest cryptocurrency is registering mixed results during the opening of the session on Monday and with a downward correction probability.
After hitting all-time highs of $ 61,700 over the weekend, Bitcoin was unable to sustain bullish momentum, falling below the 21 SMA in 4-hour charts, located at $ 58,500, also the eagle indicator is showing bearish signal.
Looking at the 4-hour chart we note that Bitcoin has a dynamic resistance zone at $ 58,500, and an uptrend channel, which a few hours ago we saw a technical rebound at that level.
A break of the uptrend channel, there could be a technical correction to the levels closer to $ 50,000.
Our recommendation is to sell below the 21 SMA around $ 58,500, targeting the bottom of the bullish channel, and if it breaks sharply, to the psychological level of $ 50,000.
Support And Resistance Levels For March 15 - 16, 2021
Resistance (1) $57,870
Resistance (2) $58,226
Resistance (3) $60,287
Support (1) $55,192
Support (2) $52,336
Support (3) $51,043