Bitcoin has become corrective and currently residing inside the ranges of $52,500 to $43,000 area. Bitcoin faced resistance around $52,500 psychological level. Bears to regain momentum in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
March 4, 2021, | AtoZ Markets – Bitcoin price fall today morning during the Asian session against the U.S. Dollar. Bitcoin is currently trading around $49,600 area and trying to push downside. After bouncing from $43,000 to $43,500 support level, the bulls regained momentum and pushed the price higher quite impulsively, but failed to break over $51,700 to $52,500 resistance area. As per the current price action, the price may face strong support at the dynamic level of 20 EMA on the intraday chart.
Bitcoin Faced Resistance as the Bears Are Trying to Regain Momentum
Bitcoin is currently residing near $49,600 area and trying to push lower. However, the price is still residing over the Kijun line and the Tenkan line on the daily chart.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin faced resistance and currently trading around $49,600 area. As per the current price action, if the price bounces higher from the dynamic level with an impulsive bullish candle and breaks over $51,700 to $52,500 resistance level, the bulls may recover higher towards $58,000 to $58,300 key area in the coming days. Alternatively, if the price breaks below the dynamic level with an impulsive bearish candle, the bears may push the price down towards $43,500 to $43,000 support area again in the process.
In addition, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price upside. However, the bears may regain momentum if the price can break below the dynamic level in the days ahead. Along with this, the Stochastic Oscillator lines are currently residing below the overbought level 80 and gradually sloping downward. It indicates that the bears may sustain the bearish pressure further in the coming days.
BTC May Continue the Bullish Trend
According to the daily chart, Bitcoin faced resistance, but the overall bias is still bullish. As per the current scenario, if the price can have an impulsive daily bullish candle close above $51,700 to $52,500 area, the bulls may sustain the bullish trend towards $58,000 to $58,300 area as a first target. The second target will be $61,500 to $62,000 key area if the price can break over $58,000 to $58,300 area in the coming days.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as a strong support to push the price upside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
To conclude, as long as the price residing over the Kumo Cloud on the daily chart, the bias will remain bullish. A daily close is needed to identify the definite momentum in the coming days.