The Bitcoin BTC / USD remains for several days consolidating above the EMA of 200 around $56,250, and below $60,000, little by little the bullish sentiment is fading, and a strong correction could occur in the coming weeks.
A report by Bloomberg Intelligence strategist Mike McGlone predicted that Bitcoin could soon approach $400,000, based on past Bitcoin bullish movements.
Although it does not give a specific time frame of when that peak could be reached, the report specifies that during the next quarter the price is likely to break the resistance of $60,000 and head towards $80,000.
Although this data does not support BTC sentiment, this apparent consolidation suggests that the market is waiting for a catalyst for its next cycle either bullish or bearish, so we must be careful.
A daily close above $60,000 is likely to rise to Murray's +2/8 around $62,500. $70,000 is expected to exceed this level.
On the contrary, a daily close below $56,250, we should expect a sharp decline to await a consolidation towards the $50,000 support zone, also called a psychological level. Below this level is the strong support of $40,000.
Our recommendation is to sell below $55,800 and buy above $56,250.
Support And Resistance Levels For April 08 - 09, 2021
Resistance (1) $59,799
Resistance (2) $60,460
Resistance (3) $61,012
Support (1) $56,728
Support (2) $54,909
Support (3) $53,676
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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