Trading plan for Bitcoin for March 23, 2021 - Kakiforex | Forex markets for the smart money. Trading plan for Bitcoin for March 23, 2021 Trading plan for Bitcoin for March 23, 2021

March 23, 2021

Trading plan for Bitcoin for March 23, 2021

 Bitcoin slips to $52,900 levels today and we are not surprised. A drop further below $52,600 would confirm that a meaningful top is in place at $61,781 mark over the last week and also bears are back in control. The crypto would be a good case to be sold on rallies thereafter with risk above $62,000 mark. Aggressive traders might have initiated shorts already as suggested yesterday from around $57,000 levels.


The crypto has pulled off day's lows and is seen trading around $54,400 mark but remains vulnerable for yet another drop below $52,600 at least. Immediate resistance remains fixed at $61,781 levels, while support comes in around $43,300 levels respectively. If a lower high is already in place at $60,000 levels, the next short term projected target could be towards $43,000 levels, going forward.


As discussed yesterday, the overall uptrend continues to remain intact for now and Bitcoin should be well supported around $37,700 levels, which is fibonacci 0.382 retracement of entire rally between $3,850 and $61,780 mark. Only a sustained drop below $24,000/25,000 and subsequently below the trend line support will be encouraging for bears to continue further.


Trading plan:


Aggressive traders remain short with stop @ 62,000 target @ 37,000