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March 3 Bitcoin Update

Written By: ChartChamp

March 4, 2024

$BTC flipped $61,561 into support, $63.9k is a key resistance target to monitor here. Over the weekend $BTC has continued to show bullish strength, which is not what I want to see for my shorts. In my previous updates I emphasized that $61,561 was a key price level, and that $BTC is trying to flip this price level into support. There was a successful bullish bounce off the $61,561 support line, and BTC has been trending up. However, I think BTC is getting rejected at $63.9k here. I’m still shorting, but concerned given that BTC is showing continued strength. As long as BTC does not show continued strength above $64k then it’s ok for now. I would recommend a SL above $64k around $64.5k to $65k.

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