The Bitcoin (BTC / USD) this Thursday morning, is trading above the psychological level of $ 50,000, above the 8/8 of Murray and with targets at $ 56,250 and higher at $ 62,500.
If BTC continues to consolidate above 50K, we expect the bullish force to push it to a resistance level at $ 56,250.
We can also note that the Bitcoin has left a formation of a symmetrical triangle, which has been broken to the upside, if the price of BTC remains above this pattern a new upward movement is likely in the next few days.
Conversely, a break below $ 48,520 could be a sign of a bearish move to the 200 EMA located at $ 42550.
Our recommendation is to buy above $ 50,000 with targets at $ 56,250.
Support And Resistance Levels For February 25 - 26, 2021
Resistance (1) $53,571
Resistance (2) $55,435
Resistance (3) $56,250
Support (1) $47,738
Support (2) $46,719
Support (3) $44,548
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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