In the early American session, Bitcoin is trading below the 200 EMA accordign to the 1-hour chart and at the same point of the 21 SMA. BTC has strong resistance at 56,250 in the last candles. We notice that it has left a Pin bar, which is a sign of exhaustion and a bearish movement is likely.
If Bitcoin cannot break above its 200-day average, located at 57,500, then it could be in a period of a range-bound market and consolidation. The eagle indicator is still giving a bullish signal, but if it does not break this barrier it could resume its bearish path.
Despite its recent volatility, Bitcoin is still 511% up over the past year levels. Inflation and central bank policies have been the main drivers for the rise in BTC / USD for the past 12 months, according to Quant Insight, a London-based analytics research firm that studies the relationship between assets and macro factors.
For this reason, many analysts believe that the BTC in the medium term will have to overcome the 60,000 barrier and climb to the 75,000 area as a next target and by the end of the years they believe that it will reach 100,000.
Technically our point of view is different, because now the pair is facing resistance that could drag the price down to the level of 43,750 there is 2/8 of a murray, which acts as strong support.
Our recommendation is to sell whenever it is below the 200 EMA and below the 6/8 murray with targets at the psychological level of 50,000 and up to 43,750.
Support And Resistance Levels For April 29 - 30, 2021
Resistance (1) $55,873
Resistance (2) $57,373
Resistance (3) $58,381
Support (1) $52,357
Support (2) $50,984
Support (3) $48,623
