The Bitcoin, in 4-hour charts, is under downward pressure, and it is very likely that the correction will continue, since it is now trading below the +1/8 of murray, it is a zone of strong resistance.
On the Bitcoin chart, we have drawn a technical reversal pattern called shoulder, head, shoulder, this is a trend reversal pattern, and it is likely that in the medium term there will be a downward movement to levels of the 200 EMA.
On the contrary, a pullback towards the SMA of 21, there the right shoulder of the technical pattern will be located, it will give us a selling opportunity at the levels of $ 58.217 with targets at 55k and 50K in the short term.
Our recommendation is to sell below +1/8 of a murray and below the 21 SMA with targets at $ 51250.
Support And Resistance Levels For March 16 - 17, 2021
Resistance (1) $56,985
Resistance (2) $58,226
Resistance (3) $60,084
Support (1) $53,984
Support (2) $52,336
Support (3) $51,225
