The price of Bitcoin (BTC/USD) is consolidating between the range of $ 56,250 to $ 59,500, and above the psychological level of $ 50,000 as a support area. Today on Monday, it is trading below the SMA of 21, under pressure from the bearish channel .
In the 4-hour chart, we can see the uptrend of the BTC, it is still above the primary bullish channel, and above the +1/8 support of Murray, a sharp break below the channel would open the possibility of a fall up to 200 EMA located at $52,811 and below the $50,000 psychological level.
At this time, we recommend waiting for the confirmation of the break of $56,250, on the other hand, a pullback towards the top of the range around $58,900, there we can sell with targets at $56,250.
The eagle indicator is showing a bearish divergence, which if a quote below $56k, could have a correction to $50K.
By contrast, a sharp break above $59K, the target is Murray's +2/8 at 62,500.
Support And Resistance Levels For March 22 - 23, 2021
Resistance (1) $57,350
Resistance (2) $58,226
Resistance (3) $59,350
Support (1) $56,013
Support (2) $53,961
Support (3) $52,699
