FX.co ★ Technical analysis of Bitcoin/USD for March 3, 2021

The correction from 58,354 almost hit Key-support at 42,000 before starting to move higher again. We currently see a possible S/H/S bottom and a break above the neck-line resistance at 52,223 will activate the bottom-formation for renewed upside pressure towards the next extension target at 63,085.

Support is currently seen at 49,342 and then below at 47,568.

Trading recommendation:

Buy a break above the neck-line at 52,223 and place the stop below the low of the right shoulder at 46,294