The price of BTC continues to consolidate for a few week in a row. Now on the 4-hour chart, it is located below the resistance level of the 200 EMA and the 21 SMA, showing a bearish bias.
BTC price range suggests that in the 31,250 zone there could be a technical rebound. There is also the 5/8 of murray. This level is the key that could give us an opportunity to buy with targets at the 200 EMA around 35,000.
On the contrary, if the downward pressure intensifies, and BTC price falls below the psychological level of 30,000, a bearish move to the 25,000 level of strong support zone of 4/8 of murray is expected.
Bearish sentiment could continue to prevail for longer, as long as BTC / USD falls below the 200 EMA. The outlook will remain to the downside to the level of $25,000 per token.
Our recommendation is to sell BTC each time it approaches the 35,000 resistance zone, or the 200 EMA in 4-hour charts, with targets at 5/8 (31250) or if it breaks this zone sharply up to 2,500 (4/8).
Support and Resistance Levels for July 13 - 14, 2021
Resistance (3) 34,877
Resistance (2) 34,039
Resistance (1) 33,276
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Support (1) 31,863
Support (2) 29,976
Support (3) 28,710
The material has been provided by InstaForex Company - www.instaforex.com