Bitcoin this morning of the American session is trading above the SMA of 21 and above the EMA of 200, with a bullish trend but limited to the psychological level of 60,000.
Our outlook remains bearish at least up to the 50,000 level, as long as the bullish trend channel is not broken in 4-hour charts, this expectation will only be a hypothesis, we will see the fact when it trades below 55,000.
On the other hand, it is likely that there will be a pullback towards the bearish channel line, just formed from its maximum, if the Bitcoin trades below that area, we could expect a bearish movement until the support of the bullish channel at 56,250.
A definitive break below the channel and below the +1/8 of murray could be a downward movement of correction to the zone of the 200 EMA, located at 52.150 and lower to the 8/8 of murray at 50,000.
Our recommendation is to sell below 59,200 and buy on the technical bounce at 56,250.
Support And Resistance Levels For March 19 - 22, 2021
Resistance (1) $59,637
Resistance (2) $61,406
Resistance (3) $62,728
Support (1) $56,547
Support (2) $55,225
Support (3) $53,456
