Bitcoin is trading around 52,200, above the 21 SMA, and inside a symmetrical triangle forming since February 12. In the next few hours, Bitcoin is expected to make its last attempt to reach +2/8 Murray.
If this scenario occurs, there will be a strong technical correction that could take a few days with targets at the 200 EMA located around 46,570.
If Bitcoin reaches the resistance of 53,125, it will be seen as a signal to sell below this area with targets at 51,800 and 51,560. Additionally, if Bitcoin breaks below the symmetrical triangle and consolidates below 51,500 (+1/8 Murray), we could expect a downward acceleration towards the psychological level of $50,000 from there towards 6/8 Murray located at 46,875.
According to the daily chart and the H1 chart, Bitcoin is showing strong overbought signs. Therefore, a technical correction is likely to occur in the coming days in case it trades below 53,125 (+2/8 Murray).
Our outlook is to sell Bitcoin in the next few days below +2/8 Murray and our ultimate bearish target is the 46,570 area. Any technical bounce while trading below 53,125 will be seen as a signal to sell with targets at 51,500, 50,000, 48,437, and 46,572.
