In the early hours of the American session, BTC / USD (Bitcoin) is trading above the 2/8 murray level around the 37,500 zone, its highest level in more than a week. When it reached the low of 31,250, it continued with an upward rebound, which would now be facing a top of the technical pattern.
On the other hand, the cryptocurrency market is losing the optimism that characterizes it, as some traders and investors believe that the price of Bitcoin could fall below the psychological level of $30,000
On the other hand, at the technical level we notice a strong consolidation above 1/8 of a murray, it has left a triple bottom. This is a sign that the market does not intend to leave this price level. It is believed to be a good price of BTC. Therefore, we can buy with targets at the 200 EMA around 41,617 in the short term.
If you look at the chart, Bitcoin has been trading within a range rectangle between 31,150 and 38,500. It means that if BTC consolidates above this level, there could be a strong bullish momentum to the zone of 4/8 murray, which coincides with the psychological level of $50,000.
Our recommendation is to buy the Bitcoin above 2/8 of murray and if it makes a technical bounce to the 21 SMA around 34,152, with targets at 41,617 and 50,000.
Support and Resistance Levels for June 10 – 11, 2021
Resistance (3) 41,755
Resistance (2) 39,343
Resistance (1) 37,797
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Support (1) 35,085
Support (2) 33,483
Support (3) 31,114
The material has been provided by InstaForex Company - www.instaforex.com