• Bitcoin keeps bounce off 21-day EMA, monthly support line despite easing below $57,000 off-late.
  • Bullish MACD, strong RSI join decisive U-turn from the key support confluence to favor buyers.
  • Seven-week-old ascending trend line adds to the downside filters, bulls eye horizontal area comprising February tops.

BTC/USD bulls catch a breather around $56,300 during the early Wednesday after the previous day’s stellar recovery from 21-day EMA and an ascending trend line from February 28. In doing so, the cryptocurrency major snapped the two-day losing streak while keeping the buyers hopeful amid upbeat RSI and MACD signals.

Against this backdrop, Bitcoin currently eyes to regain the $57,000 threshold while tops marked in February and during last week, around $58,100-300, should test the quote’s further upside.

Should BTC/USD bulls keep the reins above $58,300 on a daily closing basis, the recently refreshed record top of $61,774 will be their next target.

Meanwhile, a downside break of $53,330 support confluence isn’t a call to the BTC/USD sellers as the $50,000 round-figure and an upward sloping trend line from January 27, currently around $49,880 stand tall to challenge the bears.

It should, however, be noted that a clear break below $49,880 may not hesitate to direct BTC/USD bears towards the late February low near $43,000.

BTC/USD daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 56294.47
Today Daily Change 663.88
Today Daily Change % 1.19%
Today daily open 55630.59
 
Trends
Daily SMA20 51705.45
Daily SMA50 46542.84
Daily SMA100 37605.71
Daily SMA200 25452.99
 
Levels
Previous Daily High 60592.9
Previous Daily Low 54595.96
Previous Weekly High 58124.21
Previous Weekly Low 48906.64
Previous Monthly High 58355.76
Previous Monthly Low 32336.85
Daily Fibonacci 38.2% 56886.79
Daily Fibonacci 61.8% 58302.07
Daily Pivot Point S1 53286.74
Daily Pivot Point S2 50942.88
Daily Pivot Point S3 47289.8
Daily Pivot Point R1 59283.67
Daily Pivot Point R2 62936.75
Daily Pivot Point R3 65280.61

 

 

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