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02.03.202116:27 Forex Analysis & Reviews: Trading Signal for Bitcoin BTC/USD for March 02 - 03, 2021: Buy above $49,000

Exchange Rates 02.03.2021 analysis

The Bitcoin for today March 2, is trading above the SMA of 21 and above the EMA of 200, supported by the eagle indicator showing a bullish signal.

In the 4-hour chart of Bitcoin, we note that the bullish wedge pattern that we explained yesterday in the analysis, is acting in favor of the uptrend, now its next goal will be $ 56,250, there is the +1/8 of murray, that is likely to reach this level due to the prevailing bullish force.

We can also notice the formation of a symmetrical triangle, this pattern is a bullish figure, if the bitcoin breaks above this, a bullish movement is likely to reach the $ 52,500 and $ 56,250 area in the short term.

On the contrary, a correction to the SMA of 21, located at $ 47,150, this will be a good opportunity to buy, because the moving average supports the bullish trend and is acting as a strong support.

Support And Resistance Levels For March 02 - 03, 2021

Resistance (1) $50,486

Resistance (2) $52.194

Resistance (3) $55,013

Support (1) $47,570

Support (2) $45,250

Support (3) $43140

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dimitrios Zappas,
Analytical expert
InstaForex Group © 2007-2021
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