Bitcoin Technical Analysis Report 18 March, 2021

• Bitcoin reversed from support area
• Likely to rise to resistance levels 60820.00 and 65000.00

Bitcoin recently reversed up from the support area lying between the key support level 52840.00 (former resistance from start of March – which stopped the previous impulse wave A) intersecting with the 38.2% Fibonacci correction level of the previous sharp upward impulse wave (3) from the end for February. The upward reversal from this support area started the active impulse wave (5).

Given the powerful multi-timeframe uptrend – Bitcoin can be expected to rise further toward the next resistance level 60820.00 (top of the previous impulse wave (3)) – followed by the resistance level 65000.00.

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