According to the 4-hour chart, Bitcoin BTC / USD is trading below the 21 SMA and below the 200 EMA, after having encountered strong resistance at 6/8 Murray. BTC has been falling to find support at $53,150.
A break below this level could allow Bitcoin to continue its downward movement until it finds support at the psychological level of $50,000.
Bearish pressure keeps BTC below 2/8 of a murray, located at $56,250 that could certainly cause Bitcoin to drop to the support of $46,850.
BTC is in a bearish cycle as the last attempt to break the $60,000 barrier has been disrupted at the $59,000 level, and from that level the price is retreating.
Our recommendation is to sell below or if there is a pullback of $56,250, or sell if the BTC breaks $53,200
Support and Resistance Levels For May 05 - 06, 2021
Resistance (1) $56,175
Resistance (2) $56,914
Resistance (3) $59,207
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Support (1) $52,843
Support (2) $51,001
Support (3) $49,898
The material has been provided by InstaForex Company - www.instaforex.com