The Bitcoin on the 4-hour chart is trading above the uptrend channel, and below the 21 SMA, and below Murray's +1/8 with a bullish signal, limited as it has strong resistance at 56,250, which exerts pressure.
Bitcoin found support around $ 53,350 after collapsing from the recent all-time high. However, recovery has been slow. Meanwhile, this is expected to be a correction for further momentum to the target at $ 62,500 +2/8 Murray.
The seemingly imminent bullish outlook is being lost as the eagle indicator is pointing towards negative territory, as seen on the 4-hour chart.
If the BTC weakness continues it should break out of its uptrend channel and point towards a correction at $ 50,000 levels, zone of the 200 EMA.
Conversely, if it consolidates above $ 54,500, there is still a bullish outlook, and we could buy with targets at 57,250 and 62,500.
Support And Resistance Levels For March 17 - 18, 2021
Resistance (1) $56,958
Resistance (2) $57,772
Resistance (3) $59,144
Support (1) $54,172
Support (2) $52,336
Support (3) $50,573
