The Bitcoin has managed to stay above the psychological level of $ 50,000, which suggests that it is enjoying stability in the market, and the short-term target is the $ 60,000 level.
In the American session for today, Bitcoin is trading above the 21 SMA and the 200 EMA, with a strong bullish signal, and below the +1/8 of Murray, which represents a strong resistance.
We expect a pullback towards the $ 56,250 zone, because at this level there could be a downward correction, on the other hand, a retracement towards the 21 SMA level located at $ 51,950, will give an opportunity to buy with targets at $ 56,250.
The eagle indicator in 4-hour charts is showing an overbought signal, it is very likely that in the next few days there will be a downward correction.
Our recommendation is to sell below Murray's +1/8 ($ 56,250) or buy when it bounces off the 21 SMA ($ 51,950).
Support And Resistance Levels For March 09 - 10, 2021
Resistance (1) $55,355
Resistance (2) $56,795
Resistance (3) $58,226
Support (1) $53,426
Support (2) $52,735
Support (3) $51,022
