Technical Analysis of BTC/USD for March 07, 2021


Technical market outlook (BTC/USD - Bitcoin) :

Bitcoin price has been highly volatile in the past week. Hence, BTC has known a very high volatility since weeks for that it is still moving between $2,000 and $5,000 daily.

BTC's rally remains strong as the digital savings continues to protect critical support levels of $40 k and $45 k. Major support level has already set at $45,250.

The BTC/USD managed to rise in price last week. The volatility of the speculative crypto-currency market will remain high - so be careful at your future trading.

Warning : Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

Bitcoin price has rebounded from a key support level on the daily chart and aims for a full recovery. The past week has been quite volatile for the major cryptocurrency experiencing moves of up to 45% in last five days.

A lot has happened so let's take a look at the most important developments over the past week.

Trading BTC/USD : Bitcoin

Bitcoin holds the $45,250 - $ 50,000 region as near term support for now.

Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours.

Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above $50 k with the first target at the level of $52,444.

If the trend is be able to break the double top at the level of $52,444, then the market will continue rising towards the weekly resistance 1 at $58,225. Also, it should be noticed that the double top is set at $58,225.

Trading recommendations :

The trend is still bullish as long as the price of $ 45,250 k is not broken. Thereupon, it would be wise to buy above the price of at $ 50k with the primary target at $ 52,444. Then, the BTC/USD pair will continue towards the second target at $ 58,258 (a new target is around $ 58,258 later).

The material has been provided by InstaForex Company -