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03.05.202116:24 Forex Analysis & Reviews: Trading Signal for BTC/USD, Bitcoin for May 03 - 04, 2021: Sell below $59,000

Exchange Rates 03.05.2021 analysis

The price of Bitcoin (BTC / USD) is approaching the psychological level of $60,000, ready to challenge its all-time high in the $64,000 zone. At this time of writing, it is trading at $58,872 approaching the 7/8 reversal zone of murray around $59,350.

The technical reading of the eagle indicator shows that Bitcoin is approaching the overbought zone. In view of the fact that it has made a double top at the 95 zone, this is a sign that there could be a downward correction in the coming days.

The outlook for Bitcoin has changed after breaking the $56,250 zone and the 200 EMA in 4-hour charts. This indicates that there could be a very strong movement to the $64,000 level, its previous high, only if it consolidates above $60,000.

On the contrary, a new return below $56,800, where the 200 EMA is located, will be considered a good selling opportunity with targets at $54,250 and $52,256.

The market sentiment for Bitcoin shows more than 89% of traders are buying BTC / USD. This is a sign that we are facing a consolidation phase and if it does not manage to break the psychological level of $60,000, an opposite movement could occur until the support out of $50,000.

Support and Resistance Levels For May 03 - 04, 2021

Resistance (1) $58,784

Resistance (2) $59,720

Resistance (3) $61,143

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Support (1) $57,090

Support (2) $56,004

Support (3) $55,068

*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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