FX.co ★ Trading plan for Bitcoin for March 22, 2021

Technical outlook:

Bitcoin has been trading sideways after having slipped through $54,500 levels on March 15, 2021. The crypto did manage to spike through $60,000 levels thereafter but failed to hold and reversed lower again. Possibility remains for yet another high above $61,781, before reversing lower towards $43,000 levels, going further. Having said that, if prices slip below $54,500 levels from here, it would confirm a meaningful top already in place.

The crypto is seen to be trading around $57,800 levels at this point in writing and it remains to be seen how price action unfolds in the next few trading sessions. We remain prepared for yet another test of $61780 levels before a dramatic reversal could take place. Immediate resistance stays intact around $61800 mark, while intermediate support comes in around $54,500 levels respectively.

The overall uptrend since March 2020 lows at $3,850 is seen to be intact for now and there could be minor corrections going forward. The first major support is seen towards $37,700 level, which is fibonacci 0.382 retracement of the rally between $3,850 and $61,780 levels respectively. Also note that $24,000/25,000 zone remains of interest to bulls with trend line support and fibonacci 0.618 retracement passing through.

Trading plan:

Preparing to sell. Remain flat for now.

Aggressive traders may want to remain short against $63,000.

Good luck!