After the failure of 10 attempts to stay above $ 60,000, bitcoin has caused a drop to the 21 SMA located at 56,700 offering some support today.
The eagle indicator on daily charts is showing a bearish signal, and the failure to break above its high of 61,631 shows that the bears are aggressively defending the 60,000 resistance zone.
If bitcoin manages to stay above the psychological level of 60.00, the bulls will manage to push the price above this zone, giving rise to strong bullish momentum, pushing the BTC/USD pair towards the 70,000 level.
On the other hand, if the market declines and breaks the daily bullish trend channel, it is likely that there will be a downward movement to the 50,000 support zone.
This is important support to watch out for, because a break below this value will indicate a possible short-term trend reversal.
Our recommendation is to sell below 56,250, given that there is the SMA of 21 and +1/8 of murray and both levels for now are giving strong support to BTC.
Support And Resistance Levels For April 05 - 06, 2021
Resistance (1) $58,875
Resistance (2) $59,592
Resistance (3) $60,460
Support (1) $55,634
Support (2) $54,827
Support (3) $52,354
The material has been provided by InstaForex Company - www.instaforex.com