FX.co ★ Trading Signal for Bitcoin BTC/USD for May 05 - 06, 2021: Sell below $56,250

According to the 4-hour chart, Bitcoin BTC / USD is trading below the 21 SMA and below the 200 EMA, after having encountered strong resistance at 6/8 Murray. BTC has been falling to find support at $53,150.

A break below this level could allow Bitcoin to continue its downward movement until it finds support at the psychological level of $50,000.

Bearish pressure keeps BTC below 2/8 of a murray, located at $56,250 that could certainly cause Bitcoin to drop to the support of $46,850.

BTC is in a bearish cycle as the last attempt to break the $60,000 barrier has been disrupted at the $59,000 level, and from that level the price is retreating.

Our recommendation is to sell below or if there is a pullback of $56,250, or sell if the BTC breaks $53,200

Support and Resistance Levels For May 05 - 06, 2021

Resistance (1) $56,175

Resistance (2) $56,914

Resistance (3) $59,207

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Support (1) $52,843

Support (2) $51,001

Support (3) $49,898