During the North American session, Bitcoin is trading below the 21 SMA and the 200 EMA on H4 chart. In view of the fact that BTC is now located below this important level of moving averages, the bearish movement is likely.
For the downward movement to materialize, the price should break its ascending channel that we have drawn on the chart, a break below this channel and below 55,850, there could be a fall to the support of 54,687 and up to 2/8 from murray at 53,125.
Given that this has not happened yet, and Bitcoin is bouncing off the top of its uptrend channel, we recommend buying only if BTC is again above the 21 SMA and the 200 EMA, because this is how BTC would be released from the bearish pressure and might climb to 59,000.
The technical reading of the eagle indicator is showing that bullish momentum is likely, although there is another force that of the 200 EMA that could prevent this from happening.
Our recommendation is to wait for the market definition at both levels that we have mentioned and sell or buy up to the objectives according to the graph.
Support and Resistance Levels for May 12 - 13, 2021
Resistance (3) $58,469
Resistance (2) $57,627
Resistance (1) $56,702
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Support (1) $55,877
Support (2) $ 55,121
Support (3) $54,015
