BITCOIN: The bulls are gathering strength!



Brief analysis of Bitcoin from March 8th, 2021


As expected last Sunday, there were increased position closings within the distribution zone and a corresponding reaction on the short side. The cryptocurrency BTCUSD is currently in a very crucial phase. If the current temporary downward reaction stabilizes above USD 49,000, a new test of the upper limit level (at approx. USD 51,300) can be expected. For statistical reasons, there should then be a break on the upper side (with corresponding follow-up purchases) and a pronounced impulse movement up to the USD 56,000 area.


In the event of a sustained break of USD 47,000 (excluding puncture), the current environment would become increasingly gloomy, which should lead to selling pressure and a decline to USD 44,000 for the time being.


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