Trading Signal for BITCOIN for March 04 – 05, 2021: Kel Level $49,000- Fibonacci Analysis
Goldman Sachs will restart its crypto-asset negotiations next week and is exploring other activities within the digital asset sector, which also includes projects related to blockchain technology and central bank digital currencies, reports ‘Reuters’.
This data continues to support BITCOIN, which is struggling to stay above the $ 50,000 psychological level.
In the 4-hour chart we can see the correction cycle, from the maximum at $ 58,257 and the minimum at $ 43,065, Bitcoin has corrected to the 61.8% fibonacci at $ 52,558, it could be a sign of a continuation of the downward movement, or it would be preparing to 161.8% at $ 61,250.
If the BTC remains below the 61.8% fibonacci there is likely to be a bearish move in the medium term.
On the contrary, if it breaks the 61.8% Fibonacci, it could continue its bullish move until the high of $ 58,200 and reach the level of $ 61,250.
Support And Resistance Levels For March 04 – 05, 2021
Resistance (1) $53,157
Resistance (2) $55,396
Resistance (3) $58,226
Support (1) $48,029
Support (2) $45,250
Support (3) $42,901
The material has been provided by InstaForex Company – www.instaforex.com