Daily Report – Bitcoin and Market Update (March 3 2021)
Middaily picture presents strong upthrust inside the technical range 43k-58k. No bullish trend indication yet after the most recent short-term throwback to retest previous highs of 42k. Strong middaily session closed through the mid-range level and area of previous inside-range supply over 50380 (long upper shadows of candles after 22nd of February). Strong close through this ex-supply zone means that this zone now is filled with bulls rather than bears, which is positive for short-term for BTCUSD. Local resistance at 53.6k comes from the baseline level, and combined with breaker high 54452, both create resistance cluster in which we could expect local distribution to occur. Technically speaking, the chart is following my Monday’s weekly report and scenario of upside pullback towards ~56k area. Once the basline is reclaimed, the bullish trend continues unbothered towards next Fibonacci or BPRO-based resistances: 64902, 79454, 71875 and beyond. Key level to reclaim (daily close above) is the breaker high at 54452. Technical supports: 50380, 48403, 42374.
Current 4h session is showing sign of local weakness over the upper long-range BPRO band. Price standard deviation based level at 51.5k shows technical significance as resistance. Now that it is tapped, until is reclaimed with a daily close above, BTCUSD remains in local danger of throwback towards the baseline / breaker low at 45.4-45.7k. Such a retest would make a lot of technical sense and could be expected in case daily closes below 49k. Until that happens, bands are showing direction flip and are upsloping. This indicates that BTCUSD volatility is a bit more upside-oriented and it aligns with my Monday’s thesis of 54-56k retest coming in the following days. Local resistances: 55418-56574, 61372, 70991. Local supports: 49000, 45440, 42300. Please learn more in the #video-report section available only to the exclusive members.
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