BTCUSD and key price areas to watch

6 Mar 2021

Overview of the current BITCOIN situation:

• Bitcoin's market price has plummeted from a peak of nearly $ 58,000 to as low as $ 45,000 since February 22.
  
• Currently, BTC is priced in the range of $ 48,000-$ 50,000. This price level will soon be broken and decide to manipulate a clearer trend. And we anticipate a clear trend to emerge in the second half of March.
  

Positive scenario:

• In this scenario, when the BTC price crosses $ 55,000, which corresponds to the Fibonacci retracement level at 78.6 at the end of March. Bitcoin price will have a great opportunity to continue growing. and moving into a new area and we will see when this happens.
  

Bad scenario can happen:

• In this scenario, we expect that with a strong break at the end of March at the $ 45,000 zone, a strong sell-off of BTC will take place that can peak back to $ 35,000 within 2. weeks since the support was broken.
  

Conclude:

• In any of our scenarios, the current market is not suitable for a long long or large buy or sell order. It is quite risky and you need to consider your investment decision. Or wait until the market change becomes clearer.