Bitcoin Technical Analysis Report 11 March, 2021

• Bitcoin approached strong resistance area
• Likely to reach resistance level 63000.00

Bitcoin has been rising in the last few trading sessions and today reversed intraday from the strong resistance area lying between the key resistance level 57538.00 (which stopped the previous impulse wave (1) at the end of February) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous short-term impulse wave 3 – which belongs to the intermediate impulse wave (3) from the end of February.

If Bitcoin breaks above the key resistance level 57538.00 – the price can then rise toward the next resistance level 63000.00 (target price for the competition of the active impulse wave 3, intersecting with the daily up channel from December).

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