Trading BTC/USD : Bitcoin
Closing above the Pivot Point ($55,205) could assure that BTC/USD will move higher towards cooling new highs.
The bulls must break through $56 k in order to resume the up trend.
Note :
As we know that :
- 1 BTC ---> $ 55,900 approximately
- 1 ETH ---> $ 1,709 approximately
- So, 1 ETH ---> 0.03057245 BTC.
For that one Ethereum is only worth 0.03057245 Bitcoin (March 28, 2021).
BTC/USD is at an all-time high against the dollar around the spot of $ 55 k - $56 k.
BTC/USD is inside in upward channel. Closing above the major support ($ 55,205) could assure that BTC/USD will move higher towards cooling new highs.
BTC/USD is continuing rising by market cap at a range between $1000 and $2500.
BTC/USD is trading at $ 55,900 after it reached $56,356 earlier. BTC/USD has been set above the strong support at the price of $ $55,205, which coincides with the 50% Fibonacci retracement level.
This support has been rejected three times confirming the veracity of an uptrend. The market is likely to show signs of a bullish trend around the spot of $55,205.
Buy orders are recommended above the area of $ $55,205 with the first target at the price of $ 56,356; and continue towards $57,000 in order to test the last bullish wave.
On the other hand , if the BTC/USD fails to break through the resistance price of $ 57,937 today, the market will decline further to $ 55,205 (return to pivot).
The material has been provided by InstaForex Company - www.instaforex.com