05.03.202116:28 Forex Analysis & Reviews: Trading Signal for Bitcoin for March 05 - 08, 2021: Buy above $48,000

Exchange Rates 05.03.2021 analysis

A former Goldman Sachs CIO drew a strong response on Twitter after suggesting that Tesla should sell its Bitcoin and buy back shares in the company.

TSLA's stock price has fallen 28%, from $ 863.42 to $ 621.44, since news broke on February 8 that Tesla had made a $ 1.5 billion acquisition of BTC.

This news could influence Bitcoin, and we could see a fall to the levels of $ 30,000, on the other hand those who support Bitcoin are very confident, but the rapid rise of BTC suggests that there is also a fall to levels where that momentum began bullish.

In the 4-hour chart, Bitcoin is under downward pressure, it is trading below the SMA of 21 and 8/8 of Murray, we can also see the formation of a pennant pattern.

If the price of Bitcoin manages to break the zone of $ 49,550, it could be a sign of a bullish move to the level of $ 56,250.

On the contrary, if the SMA of 21 located at $ 49,350 acts as a strong resistance, it will be a good opportunity to sell with targets at the SMA of 200 around $45,900 and $43,750.

Support And Resistance Levels For March 05 - 08, 2021

Resistance (1) $49,052

Resistance (2) $50,561

Resistance (3) $53,225

Support (1) $46,388

Support (2) $44,879

Support (3) $42,215

*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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