Bitcoin rallied again on Wednesday, rising up to just under the $60K level before pulling back a hair, closing the daily candle just below $59K. This is a bullish candle as Bitcoin broke and closed above the previous local top around $58.8K, giving us a micro run-way to $60K and above.
(March 17, 2021 8:30PM EST)
Short-Term:
Now that another round of overleveraged longs have been washed out, Bitcoin can go back to its regularly scheduled programming: HODLers HODLING and institutions buying (more) Bitcoin. Given today's bullish move higher today and the holding of the short-term trendline which continues to print higher highs and higher lows, Bitcoin seems ripe for a bullish breakout higher. $60K is Bitcoin's near-term target, which will, of course, open up Bitcoin to further price discovery up to the $65K and then $70K levels. In the event Bitcoin gets rejected at resistance around $58K and forms a double-top, Bitcoin could drop back down to $50K or even ~$45K which has been quite supportive and is further supported by the rising 50 Day EMA just below around $42.5K.
Support:
1st support: $55K, which was tested and held.
2nd support: Previous local resistance around $52K.
Floor: 50 Day EMA around $45K.
Resistance:
$60K, then $70K, then $10K intervals up to $100K.
