Bitcoin Technical Analysis Report 3 March, 2021

• Bitcoin rising inside impulse wave (3)
• Likely to test resistance level 57755.00

Bitcoin cryptocurrency recently reversed once again from the key support area located between the support level 45000.00 (which has been steadily reversing the price from the start of February as can be seen from the daily Bitcoin chart below) and the 50% Fibonacci correction of the previous sharp upward impulse (1) from the middle of January. The upward reversal from this support area created the daily candlesticks reversal pattern Bullish Engulfing – which started the active impulse wave (3).

Given the predominant uptrend and the global uptick in risk sentiment – Bitcoin cryptocurrency is likely to rise further toward the next resistance level 57755.00 (top of the previous impulse wave (1)).

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