Technical analysis of BTC/USD 12/03/2021
Bitcoin on the (1D) chart is moving in a channel between the resistance of 59 333 (23.6% Fib) and support of 53 600 (38.2% Fib) within the ascending channel.At the moment, quotes are in the area of 56,500.
If the price breaks through the support of 53,600, this will open the way for the continuation of the downward correction to the level of 49,000 (50% Fib) and (MA200), which will mean going beyond the lower channel line and (MA100 ).
The technical picture gives reason to lean towards the option of breaking through the resistance at 59 333 as the continuation of the uptrend with the target above the high of 67 670.
Created by Joshua Hayn