FX.co ★ Trading plan for Bitcoin for March 08, 2021

Technical outlook:

Bitcoin might be still unfolding its corrective rally that had begun from $43,000 lows since February 28, 2021. It could re-test $52,000/53,000 mark before finding resistance and reversing lower. The crypto is seen to be trading at around $50,500/600 levels at this point in writing and might push through $52,000 from here, before turning lower towards $37,000 at least.

Immediate resistance is seen around $52,000, followed by $58,300, while support comes in at $43,000 (interim), followed by $29,000 levels respectively. The recent boundary which is being worked upon is between $58,300 and $43,000 respectively. Also note that Bitcoin has retraced the above drop towards fibonacci 0.618 mark close to $52,000 as well.

Bulls might re-test the above resistance and if bearish structure holds well, Bitcoin might witness a sharp decline towards $37,000 mark going forward. Also note that the drop might not stop around $37,000 mark and bears might remain poised to push towards $25000 levels as well, which is fibonacci 0.618 retracement of the entire rally between $3,850 and $58,300 levels respectively.

Trading plan:

Remain short, stop @ 60,000 target @ 37,000

Good luck!