FX.co ★ Trading plan for Bitcoin for March 02, 2021

Technical outlook:

Bitcoin has raised through $50,250 highs today, before pulling back lower again. The crypto is seen to be trading around $48,800 levels at this point in writing and is expected to find resistance between $51,000 and $52,000 levels going forward. Immediate price resistance is intact at $58,300 mark, while support is seen around $43,000 levels respectively.

Bitcoin has been retracing its earlier drop between $58,300 and $43,000 respectively and is expected to hit strong resistance around $51,000/52,000 levels going forward. Thereafter, bears might be inclined to take control back and drag prices lower towards $37,000 mark. Please note $37,000 is also fibonacci 0.382 retracement of the last one year rally between $3,840 and $58,300 levels respectively.

Probability remains for a bullish bounce around $37,000 and Bitcoin might resume its rally towards a new high before resuming lower again. But if prices continue to break below $24,800, which is fibonacci 0.618 retracement of the above rally, it can drop further towards $15,000 levels before finding support again.

Trading plan:

Remain short with stop @ 60,000, target @ 37,000 at least.

Good luck!