Technical analysis of Bitcoin/USD for March 12, 2021

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After break above the S/H/S bottom neckline at 52,223 Bitcoin is re-testing the former peak at 58,354. We expect this resistance will be able to hold back Bitcoins advance for a temporary correction closer to 53,731 before the next push higher through resistance at 58,354 for a rally towards the S/H/S bottom target at 61,480 and above.

Longer-term we are looking for even higher levels at a continuation higher to resistance in the 67,184 - 67,981 area.

Trading recommendation:

Buy Bitcoin near 53,731 for the next push higher to 67,184 - 67,981 area.

The material has been provided by InstaForex Company - www.instaforex.com

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