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.
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